Company Projects - Company plans to raise no more than 4.047 billion yuan for wet method slag resource demonstration project and MHP refining production project, which will help expand capacity, deepen industry chain integration, and enhance resource supply capabilities to domestic downstream enterprises such as new energy vehicles and stainless steel industry [1] Company Valuation - As of January 26, 2026, the market capitalization of the company's H-shares is approximately 38.3 billion HKD, with a price-to-earnings ratio of 12-15 times, while similar A-share peers have a price-to-earnings ratio range of 24-28 times, indicating potential for value re-evaluation upon returning to A-shares [2] - The A-share market has a larger investor base, which is expected to attract more domestic institutional funds and improve the low liquidity situation of the Hong Kong stock market, where the turnover rate was only 0.32% on February 20, 2026 [2] Industry and Risk Analysis - Company leads globally in nickel product trade volume, with significant cost advantages in wet method projects (gross margin of 39.7%), and has established partnerships with battery companies such as CATL and Rongbai Technology, which can further strengthen brand influence and support new energy industry chain layout upon returning to A-shares [3] Stock Performance - The process of returning to A-shares may serve as a short-term catalyst for stock price, as seen on February 11, 2026, when the stock price rose over 7% due to news of Indonesia reducing nickel ore quotas, but then fell 8.38% on February 13, reflecting sensitive market sentiment [5] - Long-term focus should remain on nickel price trends, project production progress, and industry supply-demand changes, with Goldman Sachs raising the 2026 nickel price forecast to 17,200 USD per ton [5]
力勤资源申请深交所主板上市获受理，计划募资40.47亿元