“新三板+H股”有望再添一员！安徽国资委旗下新三板企业通过港交所聆讯

Core Viewpoint - The recent progress of Anhui Jinyan Kaolin New Materials Co., Ltd. (referred to as "Jinyan High-tech") in its application for a mainboard listing on the Hong Kong Stock Exchange marks a significant development for New Third Board companies seeking to go public in Hong Kong [1]. Company Overview - Established in 2012, Jinyan High-tech is a company in the coal-based kaolin industry, integrating the entire value chain from mining, research and development, processing, to production and sales [2][3]. - According to data from Frost & Sullivan, Jinyan High-tech ranks fifth among coal-based calcined kaolin companies in China by revenue, with a market share of 5.4% in 2024. It is also the largest producer of precision casting mullite materials in China, holding a market share of 19.1% [2]. Product and Resource Details - The company primarily produces precision casting mullite materials and refractory mullite materials, which are essential for high-precision component casting in industries such as automotive, aerospace, and medical [3]. - Jinyan High-tech fully owns the Shuli Kaolin Mine in Huai Bei City, Anhui Province, known for its rich coal-based kaolin resources. As of May 31, 2025, the estimated total resource amount of the mine is approximately 18.649 million tons, with proven resources of 2.366 million tons and inferred resources of 7.292 million tons [3]. Financial Performance - The company's revenue from 2022 to 2024, as well as the first five months of 2025, is reported as follows: RMB 190 million, RMB 205 million, RMB 267 million, and RMB 105 million, respectively. Corresponding net profits are RMB 24.423 million, RMB 43.617 million, RMB 52.602 million, and RMB 18.032 million [5]. Shareholding Structure - Prior to the listing, the shareholding structure of Jinyan High-tech includes Anhui State-owned Assets Supervision and Administration Commission holding 60.13% through Huai Bei Mining Group and its subsidiary, while Huai Bei City State-owned Assets Supervision and Administration Commission holds 39.87% through Huai Bei Investment [4]. Market Trends - The trend of New Third Board companies going public in Hong Kong has accelerated, with several companies successfully listing and achieving significant stock price increases post-listing [5].