PT Merdeka Gold Resources is preparing a potential Hong Kong market debut that could revive a listing structure investors have barely seen in more than a decade. The Jakarta-listed gold miner, a unit of PT Merdeka Copper Gold, is planning a second float in Hong Kong as soon as June, with the deal potentially raising at least $500 million. The company is expected to sell Hong Kong depositary receipts, a structure that could give Merdeka another capital-market venue at a time when Hong Kong fundraising activity is accelerating and Southeast Asian markets remain under pressure.
The potential listing is notable because HDRs have struggled to gain lasting investor traction since Hong Kong introduced them in 2008. After an early wave of deals, trading activity faded, several companies delisted, and Fast Retailing is now the only company still trading HDRs in the city following its 2014 debut. That history makes Merdeka’s potential deal more than just another gold-mining listing. It could test whether investors are willing to revisit HDRs, whether Hong Kong can attract more non-Chinese issuers, and whether stronger companies from Indonesia can use the city to broaden their investor base beyond domestic market liquidity.
For investors, the backdrop is difficult but potentially important. Indonesia’s Jakarta Composite Index has fallen 28.9% this year, making it the world’s worst performing major stock gauge, while Hong Kong’s Hang Seng Index is down 0.1% over the same period. Merdeka Gold has moved sharply against that weaker domestic backdrop, rising 151% since its Jakarta listing in September 2025 and reaching a market capitalization of $6 billion, though the shares have pulled back from their March peak. The final size and timing of the Hong Kong listing remain under discussion, and proceeds could ultimately depend on gold prices, which have fallen since the start of the Iran war.