(Reuters) – Zijin Gold International, a wholly owned unit of China’s Zijin Mining, is aiming to raise HK$24.98 billion ($3.21 billion) in a Hong Kong initial public offering, the largest in the city this year, according to its prospectus released on Friday.

Zijin Gold is selling 349 million shares at an offer price of HK$71.59 apiece, with trading to commence on the exchange on September 29, the prospectus showed.

The deal comes as gold, which tends to perform well in low-interest rate environments and during periods of uncertainty, has gained nearly 39% so far this year.

Zijin Gold’s IPO is set to overtake Chinese automaker Chery’s offering this week that aims to raise up to $1.2 billion and become the largest in Hong Kong this year.

Hong Kong’s capital market activity has been driven

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