Chifeng Jilong plunges 26% on Zijin's discounted share deal

Zijin Gold International

23/03/2026 06:02

** Chifeng Jilong Gold Mining's Hong Kong shares 6693.HK crash nearly 26% to HK$31.2, biggest drop since March 2025 debut

** Shanghai-listed stock 600988.SS falls 10% to 36.74 yuan, both hitting multi-week lows

** Zijin Mining 2899.HK to buy control of Chifeng Jilong by raising stake to nearly 26% from 0.99% via 18.26 bln yuan  ($2.64 bln) deal for "resource integration"

** Deal includes buying 242 mln A shares for 10.01 bln yuan, subscribing 311 mln new H shares at HK$30.19 each

** H share subscription at 28.3% discount to previous close of HK$42.08 sparks dilution concerns

** Zijin Mining's H shares 2899.HK fall 5.4%, A shares 601899.SS down 2.3%

** YTD, Chifeng Hong Kong stock up 6.7%, Shanghai-listed shares up 17.6%

($1 = 6.9097 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))