LeiDi Wang, Lei Jianping, June 25

Indonesian gold mining company PT Merdeka Gold Resources (stock code: "06228") will be listed on the Hong Kong Stock Exchange tomorrow.

PT Merdeka Gold Resources has an issue price of HKD 26.6, issuing 89.67 million shares, raising HKD 2.386 billion.

PT Merdeka Gold Resources had a very dull performance in the dark market today, once dropping to HKD 17, closing at HKD 26.6, basically flat with the issue price; based on the dark market closing price, the company's market value is HKD 39.185 billion.

Has secured USD 150 million cornerstone investment

The cornerstone investors of PT Merdeka Gold Resources include PING AN Asset Management, WanGuo, Glencore, MoKeRui, Trafigura, Kaiyuan Mining, Guangfa Fund, Zhongwei Co., Ltd., Orix, Wind Sabre, and DAMSIMF, collectively subscribing USD 152 million (approximately HKD 1.191 billion).

Among them, PING AN Asset Management subscribed USD 30 million (approximately HKD 235 million), WanGuo, Glencore, MoKeRui, and Trafigura each subscribed USD 20 million (approximately HKD 156 million);

Guangfa Fund and Zhongwei Co., Ltd. each subscribed USD 10 million (approximately HKD 78.37 million), Zhongwei Co., Ltd. subscribed USD 7 million (approximately HKD 54.86 million), and Orix, Wind Sabre, and DAMSIMF each subscribed USD 5 million (approximately HKD 39.18 million).

Annual loss of USD 27.49 million

PT Merdeka Gold Resources is a gold mining company listed on the Indonesia Stock Exchange and is one of Asia's top pure gold producers.

The prospectus shows that PT Merdeka Gold Resources expects revenues of USD 1.39 million, USD 1.75 million, and USD 1.3 million for 2023, 2024, and 2025, respectively; annual losses are expected to be USD 6.84 million, USD 12.7 million, and USD 27.49 million, respectively As of December 31, 2025, PT Merdeka Gold Resources held cash and cash equivalents of USD 45.31 million