Topic: Cheers for the Chinese Economy - 2025 Entrepreneur Night Gala The "Cheers for the Chinese Economy - Entrepreneur Night" was held on January 29 in Beijing. Chen Jinghe, Founder and Lifetime Honorary Chairman of Zijin Mining Group, attended to receive tribute. Lu Mai, former Vice Chairman of the China Development Research Foundation, Wang Huiyao, Founder and Chairman of the Center for China and Globalization (CCG), and Wang Lixin, CEO of the World Gold Council China, witnessed the honor.
Tribute Address: He is hailed as the "Li Siguang of the non-ferrous metals industry." For forty-four years, through wind and rain, he has trekked across towering mountains and rugged ranges, leading the discovery and verification of a number of world-class super-large deposits. He "turned stone into gold," solving a series of key technological and engineering challenges related to low-grade, difficult-to-process resources. With passionate dedication, he laid the foundation for entrepreneurship; with extraordinary courage, he boldly ventured globally. He led Zijin Mining from a small county-owned enterprise started with just ten thousand yuan in capital into a top-tier global multinational mining group with a total market capitalization exceeding one trillion yuan, driving a historic leap for Chinese mining on the international stage.
While delivering his acceptance speech, Chen Jinghe stated that for 44 years, he has been primarily engaged in geological prospecting and mining development, which is an extremely arduous industry. He spent four years discovering the low-grade super-large gold-copper deposit at Zijinshan in Shanghang, Fujian. Starting with virtually no capital, a lack of talent, and scarce technology, he embarked on his journey of entrepreneurship and innovation. It took another four years to successfully develop this low-grade gold-copper deposit for Zijin Mining, accomplishing capital accumulation as well as the accumulation of talent and technology.
Through over thirty years of innovation and effort, Zijin Mining's global competitiveness has been initially established. He mentioned that Zijin Mining originally received ten thousand yuan in development funds from the county government. As of the market close today (January 29), the company's total market capitalization reached 1.16 trillion yuan. Zijin's operations now span the globe, except for North America. Its overseas resource reserves, production volume, profits, and number of employees all surpass those domestically, making it a truly international company.
"I can say with great responsibility that currently, in running mines, Western companies definitely cannot match us because we possess comprehensive technical capabilities and strong prospecting abilities. We have a team of extremely tenacious and dedicated Zijin people. Therefore, as a county-level enterprise, a very small enterprise, we have been able to sweep all before us. The future prospects for Zijin Mining are still exceptionally, exceptionally good."
Furthermore, Chen Jinghe specifically mentioned that by the end of September 2025, Zijin Mining's overseas gold segment will be spun off and listed in Hong Kong. This gold segment accounts for only 50% of the entire group's gold and only 20% of the group's total profits. Yet, the market capitalization of this gold segment in the Hong Kong market has already reached over 580 billion RMB. Currently, the market capitalization of the Zijin Group is still completely undervalued because it possesses very strong growth capabilities.
"Let me tell you all, it's very difficult *not* to get rich now. Zijin's growth potential is exceptionally, exceptionally good."
The following is a transcript of the speech: Chen Jinghe: Thank you very much to SINA Corp Finance for giving me this opportunity. As I have been retired for less than a month, receiving this honor feels like a very fitting conclusion to my career.
For 44 years, I have basically been engaged in geological prospecting and mining development work—a very tough industry, as mentioned in the video just now. I spent four years discovering the low-grade super-large gold-copper deposit at Zijinshan in Shanghang, Fujian, a discovery which later earned the National Science and Technology Progress Award, First Class. Because the grade was too low, higher authorities were unwilling to develop it. When it went down to the county level, the local government had no one else, so they brought me in to develop this mine. Starting with virtually no capital, a shortage of talent, and limited technology, we began our journey of entrepreneurship and innovation. We successfully developed Zijin Mining's low-grade gold-copper deposit within four years, accomplishing capital accumulation and the accumulation of talent and technology. We spent 34 years expanding nationwide, and in the last dozen or so years, we have been developing globally.
Zijin Mining originally received ten thousand yuan in development funds from the county government—this was the state capital. At today's closing price, Zijin Mining's total market capitalization reached 1.16 trillion yuan. Zijin's operations are now global, absent only in North America. Our overseas resource reserves, production volume, profits, and number of employees all exceed those domestically, making us an international company. Through over thirty years of innovation and effort, Zijin Mining's global competitiveness has been initially established. I can say with great responsibility that currently, in running mines, Western companies definitely cannot match us because we have complete technical capabilities and strong prospecting abilities. Therefore, with a team of very tenacious and dedicated Zijin people, we, as a county-level enterprise, a very small enterprise, have been able to sweep all before us. The future prospects for Zijin Mining are still exceptionally, exceptionally good.
Here I want to specifically mention that at the end of September last year, we spun off and listed our overseas gold segment in Hong Kong. This gold segment accounts for only 50% of the entire group's gold and only 20% of the group's total profits. Yet, the market capitalization of this gold segment in the Hong Kong market has already reached over 580 billion RMB. You can see that the current market capitalization of the Zijin Group is still completely undervalued because it has very strong growth capabilities. As everyone has seen, gold has risen sharply recently, copper has also risen sharply, silver has risen sharply, and even lithium has returned to a relatively good price.
Let me tell you all, it's very difficult *not* to get rich now. Zijin's growth potential is exceptionally, exceptionally good.
Thank you all, thank you!
Host Li Xiang: Thank you, Mr. Chen, for your sharing and introduction—very down-to-earth. His words probably give all Chinese people more confidence and assurance because, as they say, 'we have mines at home.'
It truly hasn't been easy. Zijin started from Zijinshan, traversed every corner of China's beautiful landscape, and then went abroad, including deep into the mining areas of the Democratic Republic of Congo, reaching many corners of the world. Next, let's watch a video montage to see the journey step by step. Look, Mr. Chen Jinghe in 1982 was almost a 'fresh young face'—he had just graduated from university that year. So, were you among the first class of students after the resumption of the college entrance exams? Chen Jinghe: Yes.
Host: Could you tell us which photo left the deepest impression on you? Chen Jinghe: I would say the one that left the deepest impression is from when I first graduated and was prospecting at Zijinshan. Leading the geology and mineral exploration team, I spent four years discovering a super-large copper-zinc deposit in the southeastern coastal region, which was extremely difficult and later won the National Science and Technology Progress Award, First Class. Later, in 2003, we commissioned a difficult-to-process gold mine in Guizhou using our own technology. Also in 2003, we listed in Hong Kong. At that time, we sold 30% of the shares and raised 1.3 billion HKD; we were overjoyed. Now our market cap is over one trillion; if it were 4%, that would be hundreds of billions.
We just talked about charity. Zijin Mining has done very well in philanthropy, having received the China Charity Award four times. Our total charitable contributions are close to 3 billion yuan.
Host Li Xiang: So we see, especially on the path of going global, step by step, collaborations are now visible with countries like Australia, Africa, and South America, among others. Chen Jinghe: And Europe. The one that impressed me most is the Julong Copper Mine, at an altitude of 5,398 meters. Our first phase is already operational. This is the world's highest-altitude copper mine and also one with the lowest grade. Despite the low grade and high altitude, this mine earned 10 billion yuan last year. Let me also tell you, the second phase, which doubles capacity, has already commenced production this year. By 2026, this mine's output might nearly double again, representing another very important miracle.
The last picture is from the listing of Zijin Gold International in Hong Kong. Host Li Xiang: That was in September. The final one is from the award ceremony. Chen Jinghe: Yes. Host Li Xiang: Okay, very moving. Everyone can see that perhaps these past 43 years are just a brief chapter in the long river of human history. But for Mr. Chen Jinghe, for the development of China's mining industry, and for the growth of Zijin Mining from nothing, it represents a major milestone leap. So, we also extend our best wishes to you and your team.
Your surprise is coming right up. Let's watch a video together to see what other surprises Mr. Chen will receive here today. Here we go! (Suprise video plays) Host Li Xiang: Thank you. Chen Jinghe: Thank you. Let me add something here. Zijin Mining is undoubtedly number one in China's metals mining industry—there's no dispute about that. The second place is quite far behind us. Globally, in terms of market capitalization within the metals mining industry, we are now second only to BHP, followed by us. It should be said that in the mining industry, a traditional sector, the highest-quality resources were historically controlled by Western companies. For Zijin Mining to rise so rapidly as a dark horse in such a short time makes me feel very proud. Even though I am retired now, I still pay close attention to the development of this enterprise and the development of China's mining industry.
Let me also promote this: mining is a foundational industry. Except for food, all other products are made from mineral raw materials. It is the 'food' of industry; without these, there can be no future.
Host Li Xiang: I just noticed that Mr. Chen was moved to tears while watching the video. This is the mettle of China's mining men. Even when shedding tears, he does so imperceptibly, letting the tears flow silently while bearing the pressure himself—all so that the Chinese people know that 'we have mines at home' and can hold our heads high. Once again, we pay tribute to Mr. Chen Jinghe! Thank you! May you have a happy retirement, good health, and continue to follow the successors of Zijin Mining. SINA Statement: All conference transcripts are compiled from live shorthand and have not been reviewed by the speakers. SINA publishes this article for the purpose of transmitting more information, which does not imply endorsement of its views or confirmation of its descriptions.
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