Stock Track | Zijin Mining Plummets 5.03% Intraday on Convertible Bond Issuance and Gold Sector Weakness

Stock Track01-30

Zijin Mining Group Company Limited (02899) saw its stock price plummet by 5.03% during intraday trading on Friday, underperforming the broader market.

The sharp decline followed the company's announcement of plans to issue up to US$1.5 billion in zero-coupon secured convertible bonds due 2031. The bonds are convertible into H Shares at HK$63.30 per share, representing a significant 37.19% premium over the previous closing price. This potential equity dilution of approximately 3.09% of existing H Shares if fully converted appears to have concerned investors, contributing to the sell-off.

Additionally, the stock's weakness coincided with a broader decline in gold mining stocks in the Hong Kong market during the same trading session, with several major gold producers experiencing losses of 4-7%.

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