The blockbuster opening comes as gold prices continue to hit record highs amid surging demand for the safe-haven asset to head off broader market volatility and expected U.S. interest rate cuts.

The prospect of a U.S. government shutdown and expectations has added to the upward surge for the precious metal, which hit a peak of $3,867.89 Tuesday.

Analysts say it could soon hit $4,000, having piled on almost 50% since the turn of the year.

Zijin Gold—a unit of Zijin Mining, China’s biggest miner—rocketed 67% to a peak of 120 Hong Kong dollars, valuing it at around 300 billion Hong Kong dollars ($38.6 billion).

The company is one of the world’s fastest-growing gold producers, with interests in eight mines located in regions across Central Asia, South America, Oceania and Africa.

It said it has extensive experience in global mergers and acquisitions across mine assets.

“We have strong cost management capability, with several of our mines turning profitable shortly after our acquisitions,” the firm added.

Proceeds from the IPO will be used to settle the acquisition of a gold mine in Kazakhstan, as well as for upgrading and constructing existing mines over the next five years, the company said in its prospectus.

Global demand for gold is expected to grow because of increased interest from central banks looking for value preservation and risk diversification, according to consultancy Frost & Sullivan.

It added that the price of the metal would also be supported by the quality of mines declining and extraction costs increasing.

Hong Kong’s financial secretary Paul Chan said Sunday that initial public offerings had raised nearly 150 billion Hong Kong dollars so far this year, ranking top globally.

Accountancy firm Deloitte last week said it forecasts Hong Kong will see more than 80 IPOs in 2025, raising up to 280 billion Hong Kong dollars.