Indonesia’s PT Merdeka Gold Resources could bring back a rarely used Hong Kong listing structure after more than a decade of inactivity. According to Bloomberg, the Jakarta-listed gold miner is preparing a secondary float in Hong Kong through Hong Kong depositary receipts and may seek to raise at least $500 million as soon as June.

The key point is that this is still a planned transaction based on people familiar with the matter, not a completed deal. HDRs give investors exposure to shares through depositary receipts and can offer overseas issuers a route into Hong Kong’s capital market without a standard share listing structure.

The timing is notable. Gold prices have supported investor interest in miners, while Hong Kong is trying to revive its fundraising market and strengthen its role as an Asian gold-trading hub. For Merdeka Gold, a Hong Kong float could broaden its investor base beyond Indonesia. For HKEX, it would signal that the city can still attract regional commodity companies. The main caveat is that the size, timing and final structure of the deal may still change until the company makes a formal announcement.