Indonesian gold miner PT Merdeka Gold Resources, a subsidiary of Merdeka Copper Gold, plans to debut on the Hong Kong stock market as soon as June 2026 using Hong Kong depositary receipts (HDRs) [1, 2]. The company intends to raise at least US$500 million through this listing, although the final proceeds will depend on gold prices and ongoing deliberations on the deal size and timing [1, 2].
HDRs provide an alternative route for companies to list in Hong Kong when their home markets restrict overseas share registers or issuances. Introduced by the Hong Kong exchange in 2008, no new HDR listings have been made there in the past 12 years [1, 2]. Since their launch, many HDR issuers have delisted, with only Fast Retailing’s HDRs for Uniqlo, which debuted in 2014, still trading on the exchange [1, 2].
The planned listing by Merdeka Gold is seen as an important test case for investor appetite in Hong Kong for HDRs issued by companies from outside mainland China and Hong Kong [1, 2]. The Hong Kong exchange has been encouraging issuers from Southeast Asia and other regions to list there, aiming to diversify its market beyond its traditional base [1, 2].
Hong Kong’s overall listings and fundraising activity are rising, with proceeds expected to hit a four-year high in 2025, indicating a receptive environment for new issues [1, 2]. Merdeka Copper Gold, the corporate parent, completed its public listing in Jakarta in 2025 [1, 2].
The planned June 2026 debut will mark a rare return of the HDR structure to Hong Kong markets. The company’s decision to use HDRs follows their original introduction in 2008 as a response to restrictions in certain home markets. Merdeka Gold’s success could influence future listings by other non-Chinese issuers using this framework [1, 2].
