Geopolitical tensions are expected to further drive fundraising demand in the mining sector amid a commodities “supercycle”, although concerns over national security could complicate dealmaking, according to industry experts.

Johnson Chui, head of global issuer services at Hong Kong Exchanges and Clearing (HKEX), said 2025 had been an inflection point. Mining and metals companies had become a key driver in the capital market as rising commodity prices, triggered by the energy transition and geopolitical tensions, lifted demand, he added.

Chui cited Zijin Gold International’s US$3.7 billion spin-off in Hong Kong last year, the largest mining company initial public offering (IPO) globally since 2012.

“We will see more resource firms and some international businesses coming to list [in Hong Kong] in the future,” Chui told the South China Morning Post on the sidelines of Resourcing Tomorrow Hong Kong, a mining investment conference, on Thursday.

According to HKEX, the mining and metals sector raised US$5.4 billion through IPOs and US$9.5 billion through follow-on offerings last year, the highest level in more than a decade.

Hong Kong could benefit from rising demand for mining financing, said Jason Chang, a board member of the Australian Chamber of Commerce Hong Kong. He said the city, besides attracting more listings, should make use of platforms like family offices to allow companies worldwide to tap into private capital.