Company Overview - Jiaxin International Resources (03858.HK) successfully listed on the Hong Kong Stock Exchange, with CICC as the sole sponsor [6] - The company is focused on developing the Bakuta tungsten mine in Kazakhstan, which is projected to be the largest open-pit tungsten mine by WO3 resource volume globally by December 31, 2024 [6][7] - The Bakuta tungsten mine is also ranked as the fourth largest tungsten mine globally, including both open-pit and underground mines, with the largest designed tungsten production capacity [6][7] Financial Performance - The company reported losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million for the years 2022, 2023, and 2024 respectively, totaling a cumulative loss of HKD 350 million over three years [9] - Commercial production is set to begin in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore in 2025 [9] - The company expects to generate revenue of HKD 126 million from tungsten concentrate sales in the first six months ending June 30, 2025, with a gross profit of HKD 18 million, resulting in a gross margin of 14.2% [10] Market Dynamics - Global tungsten reserves increased from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, with a compound annual growth rate (CAGR) of 5.9% [12] - In 2023, global tungsten production was 78,000 tons, while consumption was approximately 124,100 tons, resulting in a significant supply gap of 46,100 tons, indicating strong demand for tungsten resources [12] - China holds over 50% of global tungsten reserves, with a projected reserve of 2.4 million tons in 2024, and is the leading producer, accounting for over 80% of global tungsten production [12][13] Strategic Plans - The net proceeds from the global offering will be allocated as follows: approximately 55% for capital costs of the Bakuta tungsten mine project, 10% for developing ammonium paratungstate (APT) production capacity, 25% for repaying part of the bank loans denominated in euros, and 10% for working capital and other general corporate purposes [14]
上市首日暴涨177%！钨矿巨头佳鑫国际资源正式登陆港交所，旗下巴库塔钨矿全球排名第四