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SCMP Reporter

Zijin Mining Group's A-share offering drew subscriptions of more than 2 trillion yuan (HK$2.23 trillion) from  public investors, beating analysts' expectations, a source said.
Investors were betting  that the gold miner will trade at a premium on  its first trading day.
Based on the preliminary figure, the 980 million shares earmarked for the general public were 287 times oversubscribed.
The 420 million shares offered to institutional investors were 43 times oversubscribed, drawing upfront payments  of 127 billion yuan.
'Investors wanted to play it safe because they expected the stock market to decline further,' said GF Securities analyst Huang Yong. 'They believed the IPO provides a relatively safe haven.'
Zijin set the price range for the offer between 6.88 and 7.13 yuan  per share. Analysts said the company  would set the price at the top end of the range.
The company may raise 9.98 billion yuan if it sells the  shares at the upper  end of the indicative range.
The China Securities Regulatory Commission  has not announced when Zijin's shares will start trading on the Shanghai Stock Exchange.
Mr Huang  predicted the shares would trade at more than 11 yuan each, bringing  subscribers a premium of more than 50 per cent.
Analysts had expected  a lukewarm response to  the offering after shares of China Pacific Insurance Group  retreated below its offering price  late  last month.



Zijin Mining public offering subscriptions exceed 2 trillion yuan