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On June 3, 2026, Add New Energy (stock code: 02623.HK), listed on the Main Board of the Hong Kong Stock Exchange, officially renamed as Hong Kong Gold Industry Group Limited, with its short stock name amended to Hong Kong Gold Industry Group (ticker shorthand: HK GOLD IND GP).
The name change is far more than a simple rebranding. It marks the culmination of a series of strategic initiatives following the shift in controlling ownership back in October 2025. Unveiling its core development framework on June 1, Hong Kong Gold Industry Group (the “Company”) put forward the "Six Ones" development goals, laying out concrete and quantifiable metrics. The overhaul signals the Company’s full entry into the full value chain of gold, as it embarks on an ambitious journey to build a first-class gold conglomerate in Asia Pacific. Behind the Rename: Strategy FirstThe planning and rollout of the name change have followed a strategy-first business logic.In October 2025, incoming controlling shareholders Mr. Wu Zhenxing and Ms. Wei Jiaming, alongside veteran investment banker Mr. Wu Haigan, took majority ownership of Add New Energy via HKGG Holdings Limited, securing a combined 55.6% equity stake. This ownership restructure injected new momentum into the listed Company. The new management team restructured the board of directors, assembling an 18-member board comprising industry veterans and sector specialists. In January 2026, the Company kicked off a rights issue offering existing shareholders one new share for every two held at a subscription price of HK$2.88 per share. A total of 175 million new shares were issued, generating net proceeds of approximately HK$503 million, 70% of which is earmarked explicitly for gold resource acquisitions and capital expenditure. Armed with fresh capital, the Company accelerated its global gold asset buildout at a brisk clip. In February 2026, it invested approximately A$39.5 million to subscribe for 36.57 million placement shares in Australian listed gold developer Horizon Minerals Limited (HRZ.AX), equivalent to a 9.95% holding in the developer’s issued capital, marking its entry into gold mining. A month later, the Company upped its strategic bet on the same Australian developer with a A$40.716 million acquisition of another 37.7 million HRZ.AX shares. The Company’s ownership climbed to 19.97%, cementing its position as Horizon’s single largest shareholder. HRZ.AX holds key assets in Kalgoorlie, Western Australia - one of the world’s iconic gold mining hubs. As of February 2026, HRZ.AX boasted total mineral resources of 34.32 million tonnes, translating to roughly 1.88 million troy ounces of contained gold. Its flagship Burbanks asset has substantial upside from further exploration. Concurrently, the Company pushed ahead with its precious metal footprint in China, planning a RMB221 million acquisition of a 20% equity slice in Guixi Baojia Mining via a partnership investment vehicle, granting it exposure to silver mining and processing. Having locked down this roster of tangible assets, the listed entity first announced its proposed name change on April 2, 2026, which received unanimous shareholder approval at an extraordinary general meeting held on April 29. It underscores the Company’s resolute strategic commitment and strong implementation. Decade-long Blueprint: "Six Ones" Goals and Three-Step RoadmapReleased on June 3, the 2026–2035 Ten-Year Strategic Development Outline serves as the Company’s core action guideline for its full transition into gold-focused businesses. Centered on the long-term ambition of building a HK$100 billion gold industrial conglomerate, the document codifies the "Six Ones" goals spanning mining resources, production output, full value chain presence, profitability, market valuation and strategic reserves:
 To deliver on these ambitious goals, the Company has mapped out a robust three-step pathway: Phase 1 - Foundation Building: To secure initial acquisitions of two to three mid-to-large gold mines to add 200–300 tonnes of gold reserves. By 2027, target annual gold output of 2–3 tonnes, HK$2 billion - HK$2.5 billion in annual revenue and a market cap of HK$10 billion - HK$15 billion, cementing its market identity as a specialized gold player. Phase 2 - Rapid Expansion: To expand the global mine portfolio to another six or seven acquired assets, lifting total gold reserves to 600–700 tonnes and elevating the Company into China’s top gold miners. Aspire to annual gold output of 6–8 tonnes, annual turnover ranging from HK$5 billion - HK$6 billion and annual net profit of HK$2 billion - HK$3 billion. This phase will see the buildout of a fully functional overseas operating system with mine production across multiple time zones. Phase 3 - Industry Leadership: To fulfil all metrics under the "Six Ones" goals, achieving 1,000 tonnes of gold resource reserves and annual output above 10 tonnes. Aim to rank among the top 10 gold producers in Asia Pacific with a full value chain ecosystem, and participate in shaping industry standards. Core Competitiveness: Hong Kong’s Geographic Premium + Full Value Chain BuildoutAs a Hong Kong-based and mainboard-listed company, the Company leverages Hong Kong’s status as both the second largest International financial center and a global gold trading hub to develop differentiated competitive advantages.Hong Kong commands an outsized global share of cross-border gold bullion flows; total cross-border gold flow hit roughly 1,650 tonnes in 2024, accounting for 25% to 27% of all global seaborne gold trade volumes. Capitalizing on this structural edge, the Company plans to launch in-city gold refining operations targeting an incremental gross margin of US$45–US$50 per troy ounce: unlike mainland China’s 13% value-added tax on precious metals, Hong Kong’s zero-tariff regime cuts comprehensive tax costs by US$30–US$40 per ounce, while LBMA-accredited refining certification unlocks an additional US$5–US$8 per ounce premium. Additionally, Hong Kong’s sophisticated cross-border logistics network and dual-currency offshore settlement infrastructure further curtail operating costs and unlock cross-market arbitrage opportunities. From a value-chain perspective, the Company is committed to becoming a fully integrated gold conglomerate spanning upstream mining, midstream metallurgical processing, downstream trading, retail and financial services. Upstream: a targeted global M&A strategy prioritizes high-quality producing or near-production gold mines across China and its neighboring regions, Oceania, Africa and South America, following a tiered asset pipeline approach: holding multiple batches of assets across active producing mines, projects under construction and prospective reserves. Midstream: the Company intends to run Hong Kong-based refining facilities to ride on the Shenzhen Shuibei operating model - "front store plus back factory ", locking in structural cost advantages. Downstream: the Company will expand into gold trading and gold-linked financial services, rolling out gold ETF, options and other derivatives alongside gold leasing and collateralized lending products, plus digital gold solutions (e.g., similar to GoldZip). The Company also plans to set up a mining-focused investment fund targeting upstream mineral opportunities, and build its planned 100-tonne strategic gold reserves as its strategic anchor. Capital Market: Sustainable Valuation Growth Fueled by Global M&AsThe strategic pivot and renaming are set to drive a fundamental reshaping of the Company’s market valuation. In the gold industry, valuations globally are primarily anchored by proven mineral reserves, operating profit contribution from owned mines and future acquisition scalability. Gold players with production have an average P/E multiple of 12x, versus just 5.7x for near-production miners. The Company intends to lift the share of earnings derived from operational gold mines via sustained reserve acquisitions and capacity ramp-up, which should propel the valuation benchmark materially higher over time.Under its blueprint, the Company targets HK$100 billion in annual operating revenue and HK$10 billion in annual profits by 2035. Applying a forward P/E valuation band of 10x–15x, the implied target market cap ranges between HK$100 billion and HK$150 billion. To realize this valuation milestone, the Company has laid out a clear capital markets roadmap: fund global acquisitions of high-quality gold mineral assets via a mix of equity and bond financing, roll out employee share incentive programs and targeted business spin-offs. It targets lifting its annual dividend payout ratio to 50%–70% by 2030 and sustaining such payout levels on a sustained long-term basis, delivering attractive investment returns to shareholders while clearly communicating the Company’s strategic value to capital markets. The corporate valuations of global top-tier gold producers have consistently leapfrogged via sustained inorganic acquisitions. As illustrated by the Canadian Agnico Eagle, a two-decade string of accretive acquisitions expanded its mineral reserves and delivered substantial outperformance against peer mining stocks. Major Chinese players including Zijin Mining and Chifeng Gold have similarly unlocked robust growth via overseas resource consolidation.  Closing: Ushering In a New Era for Hong Kong’s Gold IndustryThe renaming from Add New Energy to Hong Kong Gold Industry Group represents far more than the strategic transformation of a single listed company. It stands as a pivotal milestone for the development of Hong Kong’s broader gold industry.The Company aligns its roadmap with China’s 15th Five-Year Plan and the Hong Kong SAR government’s agenda to cement the city’s position as a global bullion trading hub. The Company has pinned its core development on the value chain of gold, and is committed to emerging as a sector leader to lead the development of Hong Kong’s gold industry. From its refreshed starting point, the Company will leverage Hong Kong’s unique geographic location and international financial center credentials to aggregate global gold mineral resources and build out its full value chain ecosystem. Steady progress against its roadmap and the Six-Ones goals is poised to transform the Company into a first-class gold conglomerate in Asia Pacific over the coming decade, delivering sustainable returns for shareholders. The Company will contribute to Hong Kong’s endeavor to build a globally influential bullion hub, ushering in a new chapter for Hong Kong’s gold industry.
03/06/2026 Dissemination of a Financial Press Release, transmitted by EQS News. |
