Group 1 - Jiaxin International Resources Investment Co., Ltd. officially listed on the Hong Kong Stock Exchange and the Astana International Exchange (AIX) on August 28, with a pre-green shoe issuance scale of $153 million and a post-green shoe scale of $176 million assuming full exercise of the green shoe option [1] - This project marks the first simultaneous listing on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia, as well as the first listing in Hong Kong focused on tungsten mining [1] - The successful listing of Jiaxin International Resources is significant for China's global layout in strategic resources, ensuring the security of national industrial and supply chains, and supporting high-quality development of advanced industries, setting a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [1] Group 2 - China International Capital Corporation (CICC) served as the sole sponsor for the project, leveraging its cross-border business capabilities to lead project execution and market promotion, while understanding the listing rules of both regions and proposing comprehensive solutions [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge connecting China and Central Asia markets for efficient cross-border resource integration [2] - This project further strengthens CICC's leading position in the international investment banking sector and exemplifies its commitment to high-quality Belt and Road Initiative projects, with plans to continue supporting the real economy and cross-border capital flows [2]

Company Overview - Full Name: AVIC Shanda High-Temperature Alloy Materials Co., Ltd [1] - Abbreviation: Shanda Co., Ltd [1] - Stock Code: 301522.SZ [1] - IPO Application Date: June 29, 2022 [1] - Listing Date: October 16, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Metal Products [1] - IPO Sponsor: China International Capital Corporation (CICC) [1] - Lead Underwriters: CICC [1] - Legal Advisor: Beijing Jiayuan Law Firm [1] - Audit Firm: Lixin Certified Public Accountants [1] Disclosure and Evaluation - Disclosure Issues: Required to fully disclose risks related to the issuer's total market value not meeting expected listing conditions; required to explain the sufficiency of evidence regarding the authenticity of revenue, completeness of costs, and accuracy of R&D expenses [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: 840 days, exceeding the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amounted to 56.6038 million yuan, with a commission rate of 8.85%, higher than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 1060.61% on the first day of listing [4] - Three-Month Performance: Stock price increased by 407.27% compared to the issuance price [6] - Issuance Price-Earnings Ratio: 20.02 times, close to the industry average of 20.08 times, representing 99.70% of the industry mean [7] - Actual Fundraising: Expected to raise 1.341 billion yuan, but actual fundraising was 640 million yuan, a decrease of 52.31% [8] Short-Term Performance - Revenue Growth: 2024 revenue increased by 23.29% year-on-year [9] - Net Profit Growth: Net profit attributable to shareholders increased by 7.14% year-on-year [9] - Non-recurring Net Profit Growth: Non-recurring net profit attributable to shareholders increased by 1.76% year-on-year [9] - Abandonment Rate: 0.22% [12] Overall Assessment - Total Score: 80 points, classified as Grade B [12] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, high issuance cost rate, significant reduction in actual fundraising amount, and abandonment rate of 0.22% [12]

中金公司作为本项目的独家保荐人，充分发挥了跨境业务能力优势，全面牵头项目执行和市场推荐各项 工作，面对具有开创性的两地同步上市项目，充分理解两地上市规则并提出完善的解决方案。秉持"植 根中国，融通世界"的理念，中金公司将服务国家战略、保障资源安全、助力实体经济发展作为核心目 标，依托深厚的本土经验与全球业务网络，让金融服务成为连接中国与中亚市场的桥梁，实现跨国资源 的高效整合。 中金公司是最早在中亚市场开展业务的中资投行，该项目是服务高质量共建"一带一路"的又一经典案 例，进一步强化了中金公司在国际投行业务领域的领先地位。未来，中金公司将继续坚持服务实体经济 和跨境资本流动，助力中国企业提升全球竞争力，推动更多国际企业在中国香港上市。(CIS) 8月28日，佳鑫国际资源投资有限公司正式在香港联交所主板、哈萨克斯坦阿斯塔纳国际交易所 （AIX）"一带一路"板同步上市，绿鞋前发行规模1.53亿美元，绿鞋后发行规模1.76亿美元（假设绿鞋 全额行使）。中金公司担任本项目的独家保荐人、整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人。 该项目是全球首个香港联交所和哈萨克斯坦阿斯塔纳国际交易所两地同步上市项 ...

8月28日，佳鑫国际资源投资有限公司正式在香港联交所主板、哈萨克斯坦阿斯塔纳国际交易所 （AIX）"一带一路"板同步上市，绿鞋前发行规模1.53亿美元，绿鞋后发行规模1.76亿美元（假设绿鞋 全额行使）。中金公司担任本项目的独家保荐人、整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人。 中金公司是最早在中亚市场开展业务的中资投行，该项目是服务高质量共建"一带一路"的又一经典案 例，进一步强化了中金公司在国际投行业务领域的领先地位。未来，中金公司将继续坚持服务实体经济 和跨境资本流动，助力中国企业提升全球竞争力，推动更多国际企业在中国香港上市。 编辑：林森 该项目是全球首个香港联交所和哈萨克斯坦阿斯塔纳国际交易所两地同步上市项目，中亚地区首支人民 币计价股票，香港资本市场首家以钨矿开采为主业的上市项目。在2025年上海合作组织天津峰会即将召 开之际，佳鑫国际资源在中国香港和哈萨克斯坦的成功上市具有重大意义，为我国在战略资源领域的全 球布局以及保障国家产业链供应链安全、支撑高端产业高质量发展提供了重要支撑，为高质量共建"一 带一路"背景下的跨国金融合作与产能协同树立了新标杆。 中金公司作为本项目的独家 ...

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange, marking the first simultaneous listing of its kind in the world [1] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This listing is significant as it represents the first RMB-denominated stock in Central Asia and the first Hong Kong-listed company primarily engaged in tungsten mining [1] Group 2 - China International Capital Corporation (CICC) acted as the sole sponsor and played a crucial role in executing the project, leveraging its cross-border business capabilities [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, positioning itself as a bridge between China and Central Asia [2] - This project further solidifies CICC's leading position in the international investment banking sector and exemplifies its commitment to facilitating cross-border capital flows and enhancing the global competitiveness of Chinese enterprises [2]

山推股份在港交所提交IPO申请，独家保荐人为中金公司。 ...

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. has successfully completed a dual listing on the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking a significant milestone in cross-border financial cooperation and resource security for China [1][3] Group 1: Listing Details - The initial issuance scale was $153 million, with a potential post-green shoe issuance scale of $176 million if the green shoe option is fully exercised [1] - This project is the first of its kind to achieve simultaneous listings on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia [1] Group 2: Strategic Significance - The successful listing is crucial for China's global layout in strategic resources and supports the security of national industrial and supply chains, contributing to high-quality development of advanced industries [1] - The listing sets a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [1] Group 3: Role of CICC - CICC acted as the sole sponsor and coordinator for the project, leveraging its cross-border business capabilities and understanding of the listing rules in both markets [3] - The project exemplifies CICC's commitment to serving national strategies, ensuring resource security, and supporting the development of the real economy [3] - CICC aims to enhance the global competitiveness of Chinese enterprises and facilitate more international companies to list in Hong Kong [3]

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking the first simultaneous listing of its kind [1][3] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This project represents the first RMB-denominated stock in Central Asia and is the first Hong Kong-listed company primarily engaged in tungsten mining [3] Group 2 - The successful listing is significant for China's strategic resource global layout and supports the security of national industrial and supply chains, contributing to high-quality development of advanced industries [3] - CICC, as the sole sponsor, demonstrated its cross-border business capabilities and provided comprehensive solutions for the unique dual-listing project [3][4] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge between China and Central Asia markets [4] Group 3 - CICC is one of the earliest Chinese investment banks to operate in the Central Asian market, reinforcing its leading position in international investment banking [4] - The project exemplifies CICC's commitment to high-quality Belt and Road Initiative cooperation and will continue to enhance the global competitiveness of Chinese enterprises [4]

Core Viewpoint - China International Capital Corporation (CICC) experienced a decline in stock price by 2.22% on August 27, with a trading volume of 1.443 billion yuan, indicating market volatility and investor sentiment towards the company [1] Financing Summary - On August 27, CICC had a financing buy-in amount of 300 million yuan and a financing repayment of 218 million yuan, resulting in a net financing buy of 81.748 million yuan [1] - As of August 27, the total financing and securities lending balance for CICC was 2.739 billion yuan, with the financing balance accounting for 2.48% of the circulating market value, indicating a high level compared to the past year [1] - The company repaid 9,300 shares in securities lending and sold 7,600 shares on the same day, with a selling amount of 287,300 yuan, while the securities lending balance was 1.6897 million yuan, which is below the 40th percentile of the past year [1] Company Overview - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in various sectors including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [2] - The revenue composition of CICC is as follows: wealth management (32.73%), equity business (20.81%), fixed income (17.37%), investment banking (12.11%), other (8.25%), asset management (5.14%), and private equity (3.60%) [2] Shareholder and Financial Performance - As of March 31, the number of CICC shareholders was 139,600, a decrease of 9.7%, while the average circulating shares per person increased by 10.77% to 21,000 shares [3] - For the first quarter of 2025, CICC reported a net profit of 2.042 billion yuan, a year-on-year increase of 64.85%, while the operating revenue was reported as 0.00 yuan [3] - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed over the past three years [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholding among these entities [3]

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the overall profitability of the refining industry is expected to improve due to stable oil prices since the third quarter, with a positive outlook for the petrochemical industry chain's profit recovery by 2026, maintaining a "outperform" rating for Rongsheng Petrochemical [1] Industry Summary - The implementation of the "anti-involution" policy in China is accelerating an industry reshuffle focused on eliminating inefficient capacity, regulating market competition, and improving supply quality [1] - Approximately 48.8 million tons of small-scale capacity, under 2 million tons, have yet to exit the market, accounting for about 5% of the current refining capacity [1] - There is 145 million tons of refining capacity between 200 million and 300 million tons per year, representing about 15% of the total [1] - Continuous advancement and implementation of anti-involution policies are expected to create a new development landscape for the refining industry [1] - The elimination of outdated facilities and optimization of capacity will further increase industry concentration, with resources concentrating towards leading enterprises [1] Company Summary - Rongsheng Petrochemical operates the world's largest integrated refining and chemical project with a capacity of 40 million tons per year at its green petrochemical base [1] - The company is expected to benefit continuously from the current competitive landscape characterized by limited increments and capacity reductions [1]