Key Takeaways:
- Merdeka Gold Resources targets at least $500 million in a HK secondary listing.
- The Indonesian miner will issue Hong Kong depositary receipts for the deal.
- Only one HDR currently trades on HKEX since the product's 2008 launch.
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Merdeka Gold plans $500 million HK listing via depositary receipts
Indonesian gold miner Merdeka Gold Resources plans to raise at least $500 million through a Hong Kong secondary listing via depositary receipts, Bloomberg reported, with the final amount tied to gold prices.
The company is preparing to issue Hong Kong depositary receipts, a product HKEX launched in 2008 that has seen minimal adoption. Only FAST RETAIL-DRS (06288.HK) currently trades as an HDR, representing shares of Japan's Fast Retailing Co.
"The final fundraising amount will depend on gold prices," one of the people said, according to the report. Merdeka Gold Resources, an Indonesian gold mining company, is pursuing the secondary listing to access Hong Kong's capital markets.
The deal tests whether HKEX's depositary receipt structure can attract meaningful listings after 17 years of near-dormancy. A successful $500 million offering would make Merdeka Gold the second company to use the HDR mechanism and by far the largest, potentially opening a new channel for natural-resource companies seeking dual listings in Asia.
This article is for informational purposes only and does not constitute investment advice.
