HKEX: Global mineral demand surges, Hong Kong jumps to become the largest mining IPO financing market.

HKEX stated that global development trends such as artificial intelligence, energy transformation, and re-industrialization are reshaping the global economic landscape, which is expected to drive long-term demand for metals and minerals such as copper, aluminum, lithium, cobalt, nickel, and rare earths. Taking artificial intelligence as an example, discussions often focus on models and computing power. However, the significant breakthroughs in these technologies are supported by substantial physical infrastructure. Whether it is data centers, semiconductor manufacturing facilities, or the construction of supporting energy and power systems, vast amounts of metal and mineral resources are required. Regarding electricity demand alone, the International Energy Agency (IEA) predicts that as AI infrastructure continues to expand, the associated electricity demand will rise from 460 terawatt-hours (TWh) in 2024 to over 1,000 TWh by 2030. This increase in electricity demand will further boost the demand for copper, aluminum, and other key industrial metals. At the same time, the global energy transition is accelerating. To meet future demands, the IEA forecasts that lithium supply needs to increase fivefold, nickel supply needs to double, and cobalt supply needs to grow by 50% to 60%. To achieve these targets, additional investments required in the global mining sector could reach as high as $500 billion. In addition to artificial intelligence and energy transition, re-industrialization and supply chain restructuring are similarly changing the resource demand landscape in the global market. Governments and enterprises are continually increasing investments in domestic manufacturing capacity, critical mineral supply chains, and resource security, driving market demand for metals used in industrial infrastructure, advanced manufacturing, and downstream processing. For global mining companies, this indicates that a new long-term investment cycle is forming. Investment funds are needed across various sectors, including exploration, production, refining, processing, and overseas expansion. For companies, international financing channels, flexible financing structures, and support from long-term institutional investors are crucial. Hong Kong's mining financing market is continually growing. In response to the increasing demand for financing, Hong Kong is rapidly developing into one of the leading mining financing centers in the world. According to Dealogic, Hong Kong is expected to be the largest market for mining initial public offering (IPO) financing in 2025, with an IPO financing amount of $5.4 billion, while total equity capital market financing reaches $9.5 billion, marking a new high in ten years. This momentum is expected to continue into 2026. In the first quarter of 2026, mining companies raised $3.6 billion in the Hong Kong equity capital market; with Merdeka Gold Resources, an Indonesian gold mining company, completing a $315 million public offering on June 26, 2026, the cumulative financing amount for mining companies in Hong Kong's equity capital market further rose to $7.2 billion by the end of the second quarter of 2026, involving 24 transactions. From resource demand to capital formation. Hong Kong not only provides a listing platform for mining companies, but its diverse investor base also offers flexible financing structures to meet the financing needs of enterprises at different development stages. In recent years, several resource companies have issued convertible bonds and conducted share placements through the Hong Kong market, including MMG, Zijin Mining Group, CMOC Group Limited, Tianqi Lithium Corporation, CHINAHONGQIAO, and Shandong Gold Mining. According to Dealogic, such fundraising activities have driven robust growth in the overall fundraising scale of Hong Kong's convertible bond/exchangeable bond market, with $18.1 billion raised in the first half of 2026, nearing the approximately $20 billion level for the entire year of 2025. International issuers with diverse asset bases. In recent years, an increasing number of mining and metals industry issuers with global asset portfolios have chosen Hong Kong as their financing platform, facilitating HKEX's role as a bridge connecting G-RESOURCES projects with Asian capital pools. Among them, the Indonesian gold mining company Merdeka Gold Resources completed Hong Kong's first dual listing by an Indonesian company in nearly twenty years and attracted multiple international traders and asset management institutions as cornerstone investors. Issuers from mainland China with international assets are also utilizing the Hong Kong market to harness their global value. For example, ZIJIN GOLD INTL completed a $3.7 billion spin-off listing in 2025, demonstrating how Chinese resource companies can independently spin off their overseas businesses to attract international investors. Kazakh tungsten producer JIAXIN INTL RES completed its listing in Hong Kong in August 2025, while NANSHAN AL INTL listed its Indonesian aluminum assets in Hong Kong in March 2025. An increasing number of companies are returning to the Hong Kong market for fundraising to support their overseas business expansion, reflecting the important role of the Hong Kong market in supporting corporate growth. Hong Kong is adjacent to mainland China, the worlds largest industrial and significant mining consumer market, and it also gathers abundant international capital, thus effectively enabling these mining development projects to connect with user markets and a broad investor base. In recent years, HKEX has also continued to strengthen cooperation with resource-rich regional markets, further expanding the channels for international mining companies to raise funds in Hong Kong. For example, HKEX recently signed memoranda of cooperation with the Astana International Exchange and the Astana International Financial Center to explore dual listing opportunities and collaboration in climate transition, carbon reduction efforts, and green finance. Additionally, in November 2023, HKEX included the Indonesia Stock Exchange in its list of recognized stock exchanges, facilitating Merdeka Gold Resources issuance of depositary receipts for listing in Hong Kong and opening the market to more Indonesian mining issuers; while HKEX's ongoing collaboration with the Malaysia Exchange is also expected to attract more Southeast Asian issuers to list in Hong Kong. Looking ahead. Based on recent interactions with global resource companies, there is growing interest in Hong Kong's financing platform in the international market. Numerous companies from Central Asia, Southeast Asia, North America, and South America hope to leverage Hong Kong to connect with international capital, access a broader investor base, and flexibly utilize different financing tools to support business development. The resources produced by these companies are essential raw materials for supporting the construction of artificial intelligence infrastructure, energy transformation, and the development of batteries and power systems. As global demand for strategic resources continues to increase, Hong Kong is gradually evolving into an important platform for resource companies to raise long-term capital. In the future, HKEX will continue to play a bridging role, connecting enterprises, investors, and strategic partners, supporting the development of the global resource industry, and providing financing support for promoting the next stage of economic growth, technological innovation, and energy transformation.