Core Viewpoint - Zhihui Mining (02546) has announced the subscription of a structured deposit financial product issued by CITIC Bank, with a total investment amount of RMB 100 million [1] Group 1 - The company has committed to investing in a financial product from CITIC Bank [1] - The total investment amount is set at RMB 100 million [1] - The subscription date for the financial product is December 29, 2025 [1]

Core Viewpoint - Zhihui Mining (02546.HK) has announced a subscription to a structured deposit financial product issued by China CITIC Bank, with a total investment amount of RMB 100 million, set to mature on December 29, 2025 [1] Company Summary - The company has committed to investing RMB 100 million in a structured deposit financial product [1] - The investment is part of the company's strategy to manage its financial resources effectively [1] Industry Summary - The structured deposit market is gaining traction as companies seek stable investment options [1] - Financial products like structured deposits are becoming increasingly popular among corporations for capital preservation and yield enhancement [1]

Core Insights - The company, Zhihui Mining (02546), announced the subscription of a structured deposit financial product issued by China CITIC Bank, with a total investment amount of RMB 100 million [1] Group 1 - The investment in the structured deposit is set to mature on December 29, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 XIZANG ZHIHUI MINING CO., LTD.* 西藏智匯礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2546） 須予披露交易 認購金融產品 認購金融產品 董事會謹此宣佈，於2025年12月29日，本公司已認購中信銀行發售的結構性存款 金融產品，總投資額為人民幣100,000,000元。 本公司向中信銀行認購且於本公告日期仍未到期的金融產品概述如下： 於本公告日期，董事確認(i)相信金融產品為本公司提供較相同期限的定期存款合理 且更佳的利息收益；及(ii)金融產品不會對本公司的財務狀況造成任何不利影響。 為免生疑問，金融產品並非以本公司日期為 2025年12月11日的招股章程所述全球 發售所得款項撥付。 認購金融產品的理由及裨益 由於本集團生產及經營的季節性性質，盈餘現金於 2026年前三個月將處於閒置狀 態，為盡量善用2025年經營期間取得的盈餘現金，在不影響 ...

FF301 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02546 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 121,952,000 | RMB | | | 1 RMB | | 121,952,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 121,952,000 | RMB | | | 1 RMB | | 121,952,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 西藏智匯礦業股份有限公司 | 2. 股份分類 | ...

Core Viewpoint - Zhihui Mining (02546.HK) successfully listed on the Hong Kong Stock Exchange on December 19, 2025, with an issue price of HKD 4.51 per share, closing at HKD 8.60, a significant increase of 90.69% on the first day [2] Group 1: Company Overview - The major shareholder of Zhihui Mining is Fan Xiulian, who also holds a significant stake in A-share listed company Haikang [2] - Zhihui Mining's market capitalization is approximately HKD 4.2 billion, with Fan Xiulian's indirect shareholding valued at around HKD 717 million [2] Group 2: Mining Assets - Zhihui Mining's core asset is the Mengya Mine located in Naqu City, Tibet, with total ore reserves of 1.0626 million tons underground and 154.8 thousand tons in open-pit mining [3] - The average grades of the ore include 4.15% zinc, 2.99% lead, 0.21% copper, and 35.05 grams per ton of silver for underground mining, and 4.89% zinc, 0.65% lead, 0.10% copper, and 9.62 grams per ton of silver for open-pit mining [3] Group 3: Shareholding Structure - Prior to listing, Zhihui Mining had a total share capital of 365.85 million shares, with two main groups of shareholders: Tibet Zhifeng Industrial Co., Ltd. and Tibet Shengyuan Mining Group [3][5] - After listing, the total share capital increased to 487.80 million shares, while the number of shares held by the two main shareholder groups remained unchanged [5] Group 4: Financial Transactions - Tibet Shengyuan Mining Group acquired its 162 million shares in Zhihui Mining by exchanging a 45% stake in another mining company for a valuation of RMB 294 million [6] - The value of the shares held by Tibet Shengyuan Mining Group has significantly appreciated, with a market value of approximately HKD 13.9 billion as of December 23, 2025, compared to the initial investment of RMB 294 million, resulting in a profit of RMB 962 million [10]

Group 1 - The core point of the article highlights that Zhihui Mining (02546) has transferred its shares from Futu Securities International Hong Kong to HSBC Hong Kong, with a market value of HKD 60.7254 million, representing 6.22% of the total shares [1] - Zhihui Mining is a mining company focused on the exploration, mining, and production of zinc, lead, and copper in Tibet, China [1] - According to Shanghai Nonferrous Metals Network, based on the average annual production of zinc, lead, and copper concentrates in Tibet for 2024, the company ranks fifth, fourth, and fifth respectively in these categories [1] Group 2 - The company began trading on the Hong Kong Stock Exchange on December 19 [1]

Core Viewpoint - The recent transfer of shares for Zhihui Mining (02546) indicates a strategic move in the company's shareholder structure, with a significant market value involved in the transaction [1] Group 1: Company Overview - Zhihui Mining is a mining company focused on the exploration, mining, and production of zinc, lead, and copper in Tibet, China [1] - The company began trading on the Hong Kong Stock Exchange on December 19 [1] Group 2: Market Position - According to Shanghai Nonferrous Metals Network, Zhihui Mining ranks fifth in zinc concentrate production, fourth in lead concentrate, and fifth in copper concentrate production in Tibet for the year 2024 [1] Group 3: Shareholder Activity - On December 23, shareholders transferred shares from Futu Securities International Hong Kong to HSBC Hong Kong, with a total market value of HKD 60.7254 million, representing 6.22% of the company [1]

Group 1 - The core point of the article is that Zhihui Mining officially listed on the Hong Kong Stock Exchange on December 19, with a final offer price of HK$4.51 per share, raising approximately HK$550 million [1] - On its first trading day, the stock opened at HK$10.80 but later declined to HK$8.67, giving the company a total market capitalization of HK$4.229 billion [1] - The company offered approximately 122 million H-shares globally, with the Hong Kong public offering receiving a strong response, achieving an oversubscription rate of 5248.15 times [5] Group 2 - Zhihui Mining focuses on the exploration, mining, and production of zinc, lead, and copper in the Tibet Autonomous Region of China, with core assets located in the Nagqu region [5] - The company holds exploration rights over approximately 58.5 square kilometers and mining rights over about 4.5 square kilometers [5] - According to data from Shanghai Nonferrous Metals Network, the company's production of zinc, lead, and copper concentrates ranks fifth, fourth, and fifth respectively in the local market for 2024 [5] Group 3 - The company's financial performance showed fluctuations in revenue from 2022 to 2024, with net profits of RMB 118 million, RMB 155 million, and RMB 55.85 million, corresponding to gross profit margins of 36.3%, 39.9%, and 34.6% [5] - Revenue for 2024 is projected to decline to RMB 301 million, with a corresponding decrease in profits; however, the financial data for the first seven months of 2025 indicates a recovery, with revenue of RMB 257 million and profits of RMB 51.74 million [5] Group 4 - The high valuation and turnover on the first trading day reflect short-term enthusiasm from investors for scarce mineral resources [6] - The inherent cyclical volatility of mining companies, uncertainty in metal prices, and the unique operational and policy environment at high altitudes are long-term considerations for investing in Zhihui Mining [6] - The future stability and growth of the company's market value will depend on its ability to enhance resource reserves, optimize operational efficiency, and navigate industry cycles with the support of capital markets [6]

Market Overview - US inflation slowdown supports interest rate cut expectations, while the Bank of Japan raised rates by 25 basis points, leading to a rise in Hong Kong's three major indices. The Hang Seng Index increased by 0.75% to 25,690.53 points, with a total turnover of HKD 221.186 billion. The Hang Seng China Enterprises Index rose by 0.68%, and the Hang Seng Tech Index increased by 1.12% [1] Blue Chip Performance - Shenzhou International (02313) led the decline among blue chips, falling by 3.18% to HKD 60.95, with a turnover of HKD 490 million. Despite exceeding revenue and profit expectations, its net profit dropped by 32% year-on-year due to declining profit margins and ongoing pressures in direct sales [2] - Other blue chips included WuXi Biologics (02269), which rose by 4.4%, and Li Auto-W (02015), which increased by 3.81% [2] Sector Highlights - Large tech stocks mostly rose, with Tencent, Kuaishou, and Meituan gaining over 1%. The L3-level autonomous driving sector saw significant activity, with stocks like Xiaopeng Motors rising over 7% [3] - The pharmaceutical sector rebounded significantly, with companies like Kelun Pharmaceutical (06821) rising by 10.42% and WuXi Biologics (02269) increasing by 4.4% [4] - Lithium stocks also saw gains, with Ganfeng Lithium (01772) up by 1.87% and Tianqi Lithium (09696) rising by 1.72% [4] New Listings - New stocks showed a clear divergence, with Zhihui Mining (02546) soaring by 90.69% to HKD 8.6, while Xidi Intelligent Driving (03881) fell by 13.69% to HKD 227 [7] Company Developments - CIMC Group (02039) saw a strong performance, rising by 15.47% to HKD 8.88 after announcing a buyback plan for H-shares [8] - Changfei Optical Fiber (06869) surged by 12.01% to HKD 51.75, driven by signs of recovery in the optical fiber market [9] - China Duty Free Group (01880) saw its A and H shares rise by 6.88% to HKD 70.7, with expectations of increased sales due to optimized offshore duty-free shopping policies [10] - China Tobacco Hong Kong (06055) rose by 6.68% to HKD 34.48, supported by new regulations aimed at strengthening electronic cigarette oversight [11]