Company Overview - Jaxin International Resources Investment Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having passed the listing hearing on August 11, with China International Capital Corporation as the sole sponsor [1][5] - The company was established on August 29, 2014, and is focused on developing the Bakuta tungsten mine project in Kazakhstan [6] - The major shareholders include Hengzhao Holdings Group and Jiangxi Copper (Hong Kong) Investment Co., holding approximately 43.35% and 41.65% respectively [6] Mining Project Details - The Bakuta tungsten mine is recognized as the largest open-pit tungsten mine in terms of WO₃ mineral resources and the fourth largest overall [7] - As of June 30, 2025, the estimated mineral resource is approximately 107.5 million tons, containing 227,300 tons of WO₃ [7] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore this year [8] Financial Performance - Jaxin International has not generated revenue in the past three years, with a reported revenue of HKD 26.31 million (approximately RMB 24.09 million) in the first half of this year [10] - The company has incurred significant losses over the past three years, totaling approximately HKD 352 million (around RMB 322 million) [10] - The debt-to-asset ratio has been high, reaching 101.6% as of the first half of this year [11] Market Context - China is the largest tungsten resource country, holding over 50% of global reserves and accounting for more than 80% of global production [12] - Due to resource depletion and environmental regulations, China's tungsten production has decreased from 69,000 tons in 2019 to an estimated 67,000 tons in 2024 [12] - The demand for tungsten is expected to grow, particularly in hard alloy products, with consumption projected to reach 65,500 tons by 2029 [12] Competitive Landscape - Jaxin International plans to sell tungsten products primarily to the Chinese market, competing with local tungsten producers [15] - The company faces risks associated with reliance on a single mining project, which could be affected by various operational challenges [15] - Tungsten prices are influenced by global supply and demand dynamics, with recent data indicating a significant price increase of 37.65% year-to-date [16]
三年连亏、资不抵债,全球最大钨矿持有者通过港股聆讯
Xin Lang Cai Jing·2025-08-13 00:04