HK Stock Market Move | Zijin Mining Group (02899) is currently down more than 8%. The company has issued $1.5 billion in convertible bonds, and according to reports, all subscriptions were completed within 10 minutes.

Shares of Zijin Mining Group (02899) have fallen by over 8%, dropping 8.63% to HK$42.16 as of the time of writing, with a trading volume of HK$6.971 billion. On the news front, Zijin Mining Group announced its plan to issue $1.5 billion zero-coupon guaranteed convertible bonds due in 2031. Upon completion of the bond issuance, the net proceeds from the bond subscription will be approximately $1.527 billion, to be used for capital expenditures for the development of the Arna project in Peru, with the remaining being used to supplement working capital and for general corporate purposes. It was reported in the afternoon that Zijin Mining Group's $1.5 billion convertible bonds were fully subscribed within 10 minutes. Citigroup released a research report stating a lack of confidence in the recent trend of copper prices. Over the next two weeks, it is likely that Chinese investors will further allocate or rotate funds into base metals to counter the rising prices of precious metals. With silver and gold prices skyrocketing, it is not impossible for copper prices to rise to $15,000 to $16,000 per ton. However, Citigroup's basic expectation is that even if the resistance of high metal prices intensifies in the physical market, copper prices will still be maintained at around $13,000 per ton in 2026, enough to achieve market supply-demand balance this year.