Zhaojin is a top-3 gold producer in China, right behind Shandong...

Zhaojin is a top-3 gold producer in China, right behind Shandong Gold and Zijin. More importantly it is a state-owned company and I used to work at Zhaojin 11 yrs ago. They have been searching for international acquisition in the past years and have set up a Perth office specifically for that reason. I doubt they will do it a favour for Chijin and transfer their shares at half of current SP, particularly because Zhaojin is state-owned while Chijin is private. At a 25% premium it might be possible though.

MD of Chijin is from Shandong Gold (largest gold producer in China) and he has publicly stated he wants to have more international operations via acquisition. They have signed deals with some Chinese banks for expansion purposes back in 2020. I'd imagine if they decide to take over TIE (if they really intend to), funding will come from a combination of CR and debt financing from Chinese banks.