HKEX Insight

Accelerating megatrends such as AI, renewable energy and reindustrialisation are reshaping the global economy in ways that could support longer-term demand for metals and minerals, including copper, aluminium, lithium, cobalt, nickel and rare earths.

Take AI as an example.

The growth of AI is often discussed in terms of models and computing power, but it requires significant physical infrastructure. As data centres, semiconductor facilities and supporting energy systems expand, so too does demand for the metals and minerals needed to build and power them.

For electricity needs alone, the International Energy Agency (IEA) estimates that the AI build-out means that power capacity would need to rise from 460 Terawatt-hours (TWh) in 2024 to more than 1,000 TWh by 2030.

Together with the need for metals and minerals to support the wider green transition, the IEA forecasts that lithium supplies will have to rise five-fold, nickel supplies by a factor of two and cobalt by 50%-60% by 2040, requiring additional capital investment in mining facilities of up to US$500 billion.

Beyond AI and the energy transition, reindustrialisation and supply-chain diversification are also reshaping demand for strategic resources.

Governments and companies are investing in domestic manufacturing capacity, critical mineral supply chains and resource security, driving demand for metals used in industrial infrastructure, advanced manufacturing and downstream processing.

For global mining companies and their value chain, this is reinforcing the need for long-term investment and creating a new capital cycle.

Projects and funding needs stretch from exploration, production, refining and processing to overseas expansion. Meeting these investment requirements requires access to capital, flexible financing structures and long-term institutional investors.

Against this backdrop, Hong Kong has emerged as a world-leading venue for mining fundraising.  

HKEX was the top IPO venue globally for mining last year, capturing US$5.4 billion in IPO fundraising in 2025, while total ECM issuance reached US$9.5 billion, the highest in 10 years in the Hong Kong market, according to Dealogic. 

That momentum continued into 2026, with mining ECM issuance reaching US$3.6 billion in Q1 2026 and rising to US$7.2 billion across 24 deals by the end of Q2 2026, helped by the US$315 million IPO of Merdeka Gold Resources on 26 June 2026.

 

More than connecting to a vibrant market and diverse investor base, mining companies are raising capital in Hong Kong through a range of financing structures and creating large amounts of follow-on fundraising activity.

Recent transactions have included fundraising by MMG, Zijin Mining, CMOC, Tianqi Lithium, China Hongqiao and Shandong Gold, using convertible bonds and placements.

 

 

That activity is driving strong headline capital raising volumes in Hong Kong's convertible/exchangeable bond market, with US$18.1 billion raised in H1 2026, compared with US$20 billion in FY 2025, according to Dealogic.

 

Hong Kong is attracting mining and metals issuers with globally distributed asset bases, positioning HKEX as a bridge between Asian capital pools and international resource projects.  

Gold miner Merdeka Gold Resources recently completed Hong Kong's first dual-listing by an Indonesian company in two decades, with participation from cornerstone investors including trading houses and asset managers. 

Chinese Mainland issuers with international assets are also using Hong Kong to unlock global value.

Zijin Gold International's US$3.7 billion spin-off in 2025 demonstrated how leading resource companies are carving out overseas operations for international investors.

Jiaxin International Resources, a Kazakhstan tungsten producer, completed its Hong Kong listing in August 2025, and Nanshan Aluminium International listed its Indonesian aluminum assets in March 2025.

Companies are increasingly returning to Hong Kong to raise capital for overseas expansion, demonstrating how a Hong Kong listing can support growth throughout the corporate lifecycle.

Recent follow-on fundraising by issuers such as Zijin Mining and Nanshan highlights the market's ability to provide ongoing access to capital as businesses scale globally.

Hong Kong's position is particularly compelling given its proximity to the Chinese Mainland, the world's largest consumer of many industrial and critical minerals, while also providing access to international capital and investors.

International partnerships are helping strengthen this ecosystem. HKEX's relationships with exchanges and market operators across resource-rich economies are expanding pathways for mining and metals companies seeking access to Hong Kong's capital markets.

HKEX recently signed MoUs with Astana International Exchange and the Astana International Financial Centre in Kazakhstan to explore dual-listing opportunities, and cooperation in climate transition, decarbonisation efforts and green finance.

The Indonesia IDX Recognised Stock Exchange (RSE) pathway established in November 2023 enabled Merdeka Gold Resources' HDR listing, opening doors for additional Indonesian mining issuers and HKEX’s ongoing collaboration with Bursa Malaysia is expected to drive continued Southeast Asian issuer flow.

Our ongoing conversations with resource companies around the world point to growing interest in Hong Kong as a fundraising venue, reinforcing the momentum that has built over the past 18 months.

Indeed, we see a rich seam of prospective issuers across Central Asia, South America, North America and Southeast Asia, from precious metal miners to the companies supplying the rare earth metals that underpin global data centre, battery and power system infrastructures.

Many are looking for access to international capital, a deep and diverse investor base and flexible fundraising options – all of which a Hong Kong listing offers.

The city’s markets are increasingly where the world's resource companies come to finance the infrastructure needed for future economic growth, technological progress and the global energy transition.

And by connecting these companies with capital, investors and strategic partners, we look forward to the continued growth of Hong Kong’s mining fundraising ecosystem as it powers the most consequential megatrends in the global economy today.

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