On March 10, 2025, Chifeng Jilong Gold Mining Co., Ltd. ("Chifeng Gold", stock code: 600988) officially listed on the Hong Kong Stock Exchange, becoming the third gold stock to achieve dual "A+H" listing after Zijin Mining and Shandong Gold. This listing represents a significant step in Chifeng Gold's global capital market strategy, further consolidating its leading position in China's gold industry. 

Priced at HK$13.72 per share, the offering raised HK$2.676 billion, with proceeds earmarked primarily for mine upgrades, exploration and international expansion to enhance resource reserves and production capacity. As China's largest privately-owned gold producer, Chifeng Gold ranks fifth nationally in both gold resources and output. The Hong Kong listing not only serves as a key financing initiative but also advances the company's globalization strategy. Through overseas acquisitions, Chifeng Gold has established multiple gold and polymetallic mines in Southeast Asia and West Africa, with international clients contributing 39% of revenue, demonstrating the success of its global approach. 

As PRC legal counsel, Tian Yuan has supported Chifeng Gold throughout its internationalization journey from overseas expansion to the Hong Kong listing, providing comprehensive legal services. For this listing, Tian Yuan's team led by Partner Tao Xu and key lawyers Liangyu Xu, Jiayao Zhu and Yihe Wang acted as domestic counsel to the issuer. This rare mining sector listing in recent years benefited from Tian Yuan's deep understanding of industry regulations, expertise in A-share disclosure rules, and extensive capital markets experience, earning widespread acclaim from the issuer and underwriters alike for the team's rigorous and efficient work ethic.