EMAS Becomes First Indonesian Company to IPO in Hong Kong
Sat 27 Jun 2026, 16:29 PM
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PT Merdeka Gold Resources Tbk (EMAS) has officially listed its shares on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX) through a Hong Kong Depositary Receipts (HDR) offering, becoming the first Indonesian-listed company to complete a dual listing on the Hong Kong bourse.
The secondary listing took place on Friday (June 26) under the stock code 6228. EMAS' HDRs began trading at 9:30 a.m. Hong Kong time (8:30 a.m. Jakarta time) at an offer price of HKD 26.60 per HDR, with a board lot size of 100 HDRs.
First Indonesian Issuer to List on HKEX
Merdeka Gold Resources completed its secondary listing on HKEX through an HDR offering. The transaction marks the first HDR listing in Hong Kong in more than a decade and the first dual listing by an Indonesian company in over two decades.
President Director Boyke Poerbaya Abidin said the listing represents a significant milestone in the company's efforts to broaden access to global investors.
"The successful listing on HKEX marks an important milestone for Merdeka Gold Resources while strengthening Indonesia's presence in the global capital market. The transaction also provides international investors with broader access to one of Indonesia's most significant gold growth assets and reflects confidence in the quality of the Pani Gold Mine," Boyke said in a statement on Friday (June 26).
HDRs are securities traded on HKEX that represent beneficial ownership of ordinary shares listed on another stock exchange. In EMAS' case, each HDR represents beneficial ownership of the company's ordinary shares listed on the Indonesia Stock Exchange (IDX).
EMAS HDR Offering Structure
As part of the transaction, EMAS offered 89.7 million HDRs to Hong Kong investors, with each HDR representing 10 ordinary shares.
The company said all shares underlying the HDR issuance were sold by existing shareholders, meaning no new shares were issued and no additional capital was raised through the transaction.
"All underlying shares for the HDRs were sold by existing shareholders. Accordingly, the company will not receive any proceeds from the HDR offering," the company said in a regulatory filing on Wednesday (June 24).
Controlling shareholder PT Merdeka Copper Gold Tbk also did not sell any shares in the global offering. As a result, the transaction did not alter EMAS' issued share capital or dilute existing shareholders.
Based on the HDR offer price, EMAS' market capitalization at the time of its Hong Kong listing was estimated at HKD 44.4 billion (approximately IDR 101.2 trillion), broadly in line with its market value on the IDX.
Global Investors Participate in EMAS Offering
The HDR offering attracted participation from several strategic and international financial investors. Approximately 50% of the total HDRs offered were allocated to cornerstone investors.
Strategic investors included Wanguo Gold Group Limited, CNGR Hong Kong Material Science & Technology Co. Limited, Mercuria Holdings (Singapore) Pte. Ltd., Trafigura Pte. Ltd., Glencore International AG, and Intera Mining Investment Limited, a wholly owned subsidiary of JCHX Mining Management Co. Ltd.
Financial investors included Ping An of China Asset Management (Hong Kong) Company Limited, GF Fund Management Co., Ltd., Eurus Holdings SPC (ORIX), Dymon Asia Multi-Strategy Investment Master Fund, and Wind Sabre Fund SPC.
Strong investor interest comes as EMAS advances development of its flagship Pani Gold Mine in Gorontalo, one of Indonesia's largest primary gold mine development projects.
Pani Gold Mine Emerges as EMAS' Key Asset
Merdeka Gold Resources is a gold mining company majority-owned by PT Merdeka Copper Gold Tbk and has been listed on the Indonesia Stock Exchange (IDX) since September 2025.
Its flagship asset, the Pani Gold Mine, contains 7 million ounces of mineral resources and has an estimated mine life of approximately 15 years. Initial mining activities commenced in October 2025, followed by first gold production in February 2026 and the company's first gold sales in March 2026.
The mine's initial operations are supported by a heap leach facility with an annual processing capacity of 8 million tonnes. The company also plans to construct a Carbon-in-Leach (CIL) processing plant, targeted to begin operations in 2028.
Once the expansion is completed, total processing capacity is expected to increase to 12 million tonnes per year by 2029, while annual gold production is projected to peak at approximately 545,000 ounces in 2031.
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