Zijin takes control of Chifeng Gold; third-quarter profit falls 41.84%
Zijin Gold and its concert parties now hold about 25.85% of the Chinese miner after a new H-share issue at HK$29.82, Chifeng said on 22 October. Nine-month net profit still rose 11.05%.
By Carat Capital
What changed
Control changes hands. Zijin Mining's unit Zijin Gold became Chifeng Gold's controlling shareholder on 22 October. Chifeng's third-quarter net profit fell 41.84%, which the company puts down to lower gold sales volume.
What it means
- If you hold Chifeng: The whole board has submitted resignations, and an early board election is planned.
- If you track Chinese gold supply: Chifeng blames volume, not price, for the quarter, and credits higher gold prices for the nine months.
- What this is not: A loss. Nine-month net profit rose to RMB 2.285 billion.
Key figures
| Zijin Gold and concert parties572 million A and H shares | 25.85% |
|---|---|
| New H-share price311 million shares | HK$29.82 |
| Q3 net profitRMB 553m, attributable | −41.84% |
| Nine-month net profitRMB 2.285bn | +11.05% |
Source: China Business Journal via Sina Finance, 23 October 2026, on Chifeng's 22 October announcement; Guandian, 23 October 2026, on Chifeng's third-quarter report. RMB figures as reported; third-quarter statements unaudited.
Zijin now controls Chifeng
Two steps closed. Zijin Gold took 242 million A-shares from former controller Li Jinyang and a concert party. It then subscribed for 311 million new H-shares at HK$29.82.
A county finance bureau. Shanghang County's finance bureau becomes Chifeng's actual controller, the China Business Journal reports. Zijin Gold and concert parties hold about 25.85%.
The board resigns. All directors of Chifeng's ninth board have submitted resignations, and the board plans an early election.
| Measure | Q3 2026 | Change | Jan–Sep 2026 | Change |
|---|---|---|---|---|
| Revenue | RMB 3.069bn | −8.99% | RMB 10.087bn | +16.69% |
| Net profit, attributable | RMB 553m | −41.84% | RMB 2.285bn | +11.05% |
| Net profit, excluding one-offs | RMB 548m | −40.01% | not given |
Carat Capital's check: nine months minus Sina's first half gives the stated quarter. Revenue 10.087 − 7.018 = 3.069; profit 2.285 − 1.732 = 0.553 (RMB billions).
Volume cut the quarter
Profit fell on volume. Third-quarter net profit attributable to shareholders fell 41.84% to RMB 553 million. Chifeng says lower gold sales volume drove every measure down.
Nine months rose. Over nine months, net profit rose 11.05% to RMB 2.285 billion on revenue up 16.69%. Chifeng credits higher gold prices.
Unaudited so far. Chifeng's third-quarter statements are unaudited, Guandian reports.
What to watch
- Not datedChifeng's early board election and the names Zijin puts forward.
- Not datedWhether fourth-quarter gold sales volume recovers under the new controller.
Go deeper
Corrections
Correction, 25 October 2026: the summary and a key figure said Zijin Gold holds about 25.85% of Chifeng, 572 million A and H shares. The China Business Journal report gives that stake to Zijin Gold and its concert parties together; Zijin Gold's own purchases on this page, 242 million A-shares and 311 million new H-shares, come to 553 million. Both now say Zijin Gold and concert parties. What was right as published: every figure, and the body's wording. Found by Carat Capital's standards desk on 24 October 2026.
What would change this call
A fourth quarter with gold sales volume back above last year's. Then the third quarter was a dip in timing, not a lower run-rate.
How the deal was built
On 22 March, Li Jinyang and a concert party agreed to sell Zijin Gold 242 million A-shares, then 12.73% of Chifeng, for about RMB 10.006 billion. Chifeng also agreed to issue new H-shares to Zijin Gold. Both legs completed on 22 October.
Method
China Business Journal, carried by Sina Finance, fetched by the Bureau 24 October 2026, 200, 100,037 bytes, read by the Editor this run: '10月22日晚间，赤峰黄金…公告称，其已完成控股股东、实际控制人变更事项'; '2.42亿股' 3 hits; '3.11亿股' 2; '29.82港元' 2; '25.85%' 1; '上杭县财政局成为实际控制人' 1; '第九届董事会全体董事已提交辞职报告'; March agreement '12.73%' 1 and '100.06亿元' 1 (the body prints '2.42股' there, without the unit); first half '70.18亿元' 1 and '17.32亿元' 1. Guandian, stamped 2026-10-23 18:24, 200, 27,423 bytes: '营业收入30.69亿元，同比下降8.99%'; '净利润5.53亿元，同比下降41.84%'; '5.48亿元，同比下降40.01%'; nine months '100.87亿元，同比增长16.69%' and '22.85亿元，同比增长11.05%'; '主要是由于黄金销量下降'; '主要受益于黄金价格上涨'; '未经审计' 1. Guandian's headline sets the nine-month profit beside the quarter's 41.84% fall; its body gives the 41.84% for the quarter alone, and the body is printed. Chifeng's own exchange filings were not read. Translations are Carat Capital's. ARCHIVE, by entity: Carat Capital's archive, 'Chifeng' 0 rows; 'Zijin' 1 row (25 August, a Shanghai price piece naming Zijin's share move, opened). NEW.
Sources
- China Business Journal via Sina Finance, '赤峰黄金易主 紫金矿业取得控制权' (Chinese) 23 October 2026
- Guandian, '赤峰黄金前三季度净利润22.85亿元' (Chinese) 23 October 2026