Core Viewpoint - Jinyan Gaoling New Materials (02693.HK) is set to launch its IPO from November 25 to November 28, 2025, with an expected listing date on December 3, 2025, on the Hong Kong Stock Exchange [3][4]. Summary by Sections IPO Details - The company plans to issue 24.3 million H-shares, representing 25% of the total shares post-IPO, with a share price set at HKD 7.30, aiming to raise approximately HKD 177 million [4][5]. - The IPO will adopt Mechanism B, with an initial public offering allocation of 10% and no reallocation mechanism [5]. - The total estimated expenses for the IPO are around HKD 53.1 million, which includes underwriting commissions and other fees [5]. Use of Proceeds - The net proceeds from the IPO are expected to be approximately HKD 124 million, with allocations as follows: - About 70.8% for deep processing projects of mullite-based aluminum-silicon materials - Approximately 20.6% for establishing a research center for silicon-aluminum new materials - Around 0.6% for repaying certain bank loans - About 8.0% for working capital and general corporate purposes [6]. Shareholding Structure - Post-listing, the shareholding structure will be as follows: - Huabei Mining Group (43.03%) - Wanhua Investment (2.06%) - Huabei Investment (29.91%) - H-share shareholders (25%) [6][7]. - The company is integrated across the entire value chain from mining to production and sales, ranking fifth in the Chinese coal series calcined kaolin market with a market share of 5.4% as of 2024 [7].