EMAS Becomes First Indonesian Issuer to IPO in Hong Kong via Dual Listing
Gold mining issuer PT Merdeka Gold Resources Tbk (EMAS) officially listed on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX) today, 26 June 2026. The owner and operator of the Pani Gold Mine completed its secondary listing in the form of Hong Kong Depositary Receipts (HDR) and began trading at 09:30 Hong Kong time under the stock code 6228. The offering price was set at HK$26.60 per HDR, with a trading lot size of 100 HDRs.
MDKA President Director Boyke Poerbaya Abidin stated that this transaction represents the first dual listing of an Indonesian company on HKEX, the first HDR listing in Hong Kong in more than a decade, and the first dual listing by an Indonesian issuer in over twenty years. He noted that the successful listing strengthens Indonesia’s presence in global capital markets and provides international investors with broader access to one of the country’s most significant gold growth assets, reflecting confidence in the Pani Gold Mine.
HDRs are securities traded on HKEX that represent beneficial ownership in ordinary shares listed on another exchange. In this case, each HDR represents beneficial ownership in MGR shares already publicly traded on the Indonesia Stock Exchange. The structure allows investors to gain exposure to MGR through the Hong Kong market while retaining the same economic interest as the underlying Indonesian shares. The company confirmed that no single HDR holder owns more than 5 percent of the total outstanding HDRs, ensuring the free float status aligns with Indonesian capital market regulations.
Controlling shareholder PT Merdeka Copper Gold Tbk (MDKA) did not sell any shares in the global offering, meaning the transaction does not alter MGR’s issued capital or cause dilution for existing shareholders. Cornerstone investors committed to the IPO include Wanguo Gold Group Limited, CNGR Hong Kong Material Science & Technology Co. Limited, and commodity trading firms Mercuria Holdings (Singapore) Pte. Ltd., Trafigura Pte. Ltd., and Glencore International AG, alongside Intera Mining Investment Limited, wholly owned by JCHX Mining Management Co Ltd. Financial investors include 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.