Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. (佳鑫国际资源) successfully listed on the Hong Kong Stock Exchange, with its share price closing at HKD 30.34, representing a significant increase of 177.84% from its final offering price of HKD 10.92 [1][5]. Summary by Relevant Sections Share Offering and Capital Structure - The total number of shares offered globally was 109,808,800, with 10,981,200 shares allocated for public offering in Hong Kong and 98,827,600 shares for international offering [2]. - After the offering, the total number of issued shares (before the exercise of the over-allotment option) was 439,228,800 [2]. Financial Details - The total amount raised from the offering was HKD 1,199.1 million, with estimated listing expenses of HKD 111.4 million, resulting in a net amount of HKD 1,087.7 million [5][7]. - The net proceeds from the global offering will be allocated as follows: approximately 55% for the capital costs of the Bakuta tungsten mine project, 10% for developing ammonium paratungstate (APT) capacity, 25% for repaying part of bank loans, and 10% for working capital and other general corporate purposes [7]. Key Investors - The cornerstone investors include China Cinda (Hong Kong) Asset Management Co., Ltd., Singapore Luyin Trading Co., Ltd., and several others, collectively holding approximately 50% of the shares offered [8]. Business Focus and Financial Performance - Jiaxin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan, with commercial production expected to commence in April 2025 [9]. - The company reported no revenue for the years 2022 and 2023, with projected revenue of HKD 126 million for the first half of 2025. Cumulative losses from 2022 to the first half of 2025 amounted to HKD 358 million [9][11]. Cash Flow and Financial Activities - The company experienced negative cash flows from operating activities in 2022, 2023, and 2024, with a positive cash flow of HKD 15.55 million projected for the first half of 2025 [10][11].
佳鑫国际资源港股募12亿港元首日涨178% 近三年均亏