Eversheds Sutherland advises OCBC on the landmark secondary dual listing of PT Merdeka Gold Resources Tbk on the Hong Kong Stock Exchange

The transaction represents a significant milestone in the development of Hong Kong's capital markets as the debut marked Indonesia’s first dual listing in Hong Kong. The listing further reinforces Hong Kong's position as Asia's premier international fundraising hub and highlights the growing appeal of the Hong Kong market for leading Southeast Asia companies seeking access to a broader global investor base. Furthermore, the transaction demonstrates the increasing sophistication and internationalisation of Hong Kong's capital markets and provides another important example of Hong Kong serving as a gateway connecting regional corporate champions with international investors.

Eversheds Sutherland's Hong Kong corporate team advised OCBC on all Hong Kong legal and regulatory aspects of the transaction.

Merdeka Gold is a gold mining company with a primary listing on the Indonesia Stock Exchange (IDX) and one of Asia's leading pure-play gold producers. Its portfolio is anchored by the Pani Gold Mine, the largest primary gold mine in Indonesia by resources and reserves. Merdeka Gold is a majority-owned subsidiary of PT Merdeka Copper Gold Tbk, one of Indonesia's leading diversified mining groups listed on the IDX. Merdeka Gold obtained its secondary listing in Hong Kong pursuant to Chapters 18 (Mineral Companies), 19B (Depositary Receipts) and 19C (Secondary Listings of Overseas Issuers) of the Hong Kong Listing Rules. UBS and CITIC Securities acted as joint sponsors of the listing in Hong Kong.

The HDRs were priced at HK$26.60 each and Merdeka Gold’s global offering raised gross proceeds of approximately HK$2.4 billion (US$304 million) (before exercise of the Over-allotment Option). The global offering was backed by a number of cornerstone investors comprising a mix of strategic industry participants and global financial investors such as Glencore International, Trafigura, Ping An of China Asset Management and GF Fund Management Company to name a few. Dealings in the HDRs commenced on the Hong Kong Stock Exchange on 26 June 2026.

The Eversheds Sutherland team was led by Dickson Ng, Partner and Head of Corporate, Hong Kong, and he was supported by Yolanda Liu, Of Counsel and Jasmine Xu, Senior Associate in the Hong Kong Corporate team.

Dickson Ng, Partner and Head of Corporate, Hong Kong, Eversheds Sutherland, commented:

"We are delighted to have advised OCBC on this landmark transaction. Merdeka Gold’s successful secondary listing on the Hong Kong Stock Exchange represents an important development in the continuing evolution of Asia's capital markets and further demonstrates Hong Kong's role as the region's leading international fundraising platform.

“The transaction is particularly noteworthy because of its cross-border nature, innovative HDR structure and the limited number of Indonesian issuers that have successfully achieved a Hong Kong listing. It highlights the increasing connectivity between Southeast Asia and Hong Kong's capital markets and reflects growing interest from leading regional corporates in accessing Hong Kong's deep and diverse international investor base.

“We are proud to have supported OCBC on this pioneering transaction and to have contributed to a deal that further enhances the diversity, international reach and strength of Hong Kong's capital markets."