<div id="readability-page-1"><div> By Amanda Lee <pre></pre> Merdeka Gold Resources had a subdued trading debut on a busy day for new listings in Hong Kong as the Indonesian gold miner tapped the financial hub's vibrant capital market. Only about a dozen non-Chinese or nonlocal companies have held offerings in the city in recent years. In 2025, the financial hub reclaimed its position as a top venue for initial public offerings, fueled by a wave of listings by corporations based in China. The secondary listing comes as Merdeka Gold is advancing development of the Pani Gold Project in Indonesia, which the company said is set to become one of the country's largest primary gold mines. The open-pit mine, which saw first gold poured in the first quarter of 2026, has the potential to reach peak annual production of about 500,000 ounces at full capacity, according to the company. Hong Kong depositary receipts of Merdeka Gold opened at 26.60 Hong Kong dollars on Friday, unchanged from its offer price. Trading was subdued, with the stock rising as much as 1.1% before reversing to trade 9.5% lower. The Jakarta-listed company, a subsidiary of Indonesian mining group Merdeka Copper Gold, recorded net proceeds of about HK$2.27 billion, equivalent to US$289.5 million, from the offering. The Hong Kong public offering of 9.0 million HDRs was 4.42 times subscribed, the gold producer said. The remaining 80.7 million under the international offering was 7.67 times subscribed. All of the shares in the offering were sold by existing shareholders. The company didn't receive proceeds from the transaction. <pre></pre> Write to Amanda Lee at amanda.lee@wsj.com <pre></pre> (END) Dow Jones Newswires June 25, 2026 23:49 ET (03:49 GMT)Copyright (c) 2026 Dow Jones &amp; Company, Inc.</div></div>

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印尼黃金礦業公司 Merdeka Gold Resources 在香港證券交易所的首次亮相表現平淡，其存託憑證的交易價格較發行價下跌 9.5%，儘管認購率強勁。此次二次上市為現有股東籌集了 22.7 億港元，助力公司推進其在印尼的 Pani 黃金項目，該項目預計將成為該國最大的主要黃金礦山之一

Merdeka Gold Resources 在香港的首次上市表現平淡