Core Viewpoint - Yunnan Jinxun Resources Co., Ltd. (金浔资源) has successfully listed on the Hong Kong Stock Exchange, with shares closing at HKD 37.80, reflecting a 26% increase from the final offer price of HKD 30.00 [1][2]. Group 1: Company Overview - JinXun Resources primarily engages in the non-ferrous metal business, focusing on products such as cathode copper and copper concentrate, and trades with other metal trading companies and producers [1]. - The company issued a total of 36,765,600 H-shares, with 3,676,600 shares allocated for public offering in Hong Kong and 33,089,000 shares for international offering [2]. Group 2: Financial Details - The total proceeds from the share issuance amounted to HKD 1,102.97 million, with net proceeds of HKD 1,042.60 million after deducting estimated listing expenses of HKD 60.37 million [2][3]. - Approximately 80% of the net proceeds (HKD 834.1 million) will be allocated to expanding core business operations, including enhancing the capacity of the copper smelting plant in the Democratic Republic of Congo and increasing production lines for cobalt hydroxide [3]. - About 10% of the net proceeds (HKD 104.3 million) will be used to repay interest-bearing bank loans, and another 10% for working capital and general corporate purposes [3]. Group 3: Key Investors - Major cornerstone investors include Glencore International AG, Stoneylake Global Alpha Fund, and several asset management firms [5]. Group 4: Revenue and Profit Projections - Revenue projections for JinXun Resources are as follows: RMB 637.3 million for 2022, RMB 675.7 million for 2023, RMB 1,769.8 million for 2024, and RMB 596.0 million and RMB 963.8 million for the first half of 2024 and 2025, respectively [6][7]. - Net profit projections are RMB 83.5 million for 2022, RMB 29.1 million for 2023, RMB 202.4 million for 2024, and RMB 93.1 million and RMB 135.0 million for the first half of 2024 and 2025, respectively [6][7]. Group 5: Operational Cash Flow - The net cash flow from operating activities is projected to be RMB 202.18 million for 2022, RMB 43.33 million for 2023, and RMB 292.56 million for 2024, with RMB 111.53 million for the first half of 2025 [8]. Group 6: Compliance and Regulatory Issues - JinXun Resources' subsidiary, Rong Xing Investments Ltd., has faced regulatory challenges in Zambia, including penalties for non-compliance with local mining regulations and safety violations [9][10].
金浔资源港股募资11亿港元首日涨26% 境外生产主体屡受罚