Group 1 - The core viewpoint of the news is that Jaxin International Resources (03858) has successfully listed its shares at a price of HKD 10.92, raising approximately HKD 1.199 billion, with a significant initial trading increase of 108.79% to HKD 22.8 [1] - Jaxin International Resources is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine project, which is projected to be one of the largest tungsten ore resources globally by December 31, 2024 [1][2] - According to Frost & Sullivan, the Bakuta tungsten mine is ranked as the fourth largest tungsten ore resource mine globally, possessing the largest designed tungsten production capacity in a single mine [1] Group 2 - The Bakuta tungsten mine is located in the Yenbekshikazakh district of Almaty region, Kazakhstan, with convenient access to transportation routes from Almaty and the Horgos port connecting Kazakhstan and China [2] - The project benefits from existing and affordable hydroelectric power supply, which is crucial for cost-effective production [2] - The company aims to develop the Bakuta tungsten mine project into a world-class tungsten mining operation, leveraging its rich tungsten resources and favorable location in Kazakhstan [2]

Core Viewpoint - Jiaxin International Resources (03858) has successfully listed, with shares priced at HKD 10.92, raising approximately HKD 1.199 billion, and has seen a significant increase of 108.79% to HKD 22.8 at the time of reporting [1] Company Overview - Jiaxin International Resources is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten project [1] - The Bakuta tungsten mine is projected to be the largest open-pit tungsten mine globally in terms of WO3 mineral resources by December 31, 2024, and ranks as the fourth largest tungsten mine overall [1] - The company possesses the largest designed tungsten production capacity in a single tungsten mine [1] Project Location and Logistics - The Bakuta tungsten mine is located in the Yenbekshikazakh district of Almaty region, Kazakhstan, with accessible transportation routes from Almaty and the Horgos port connecting Kazakhstan and China [1] - A railway connecting Horgos and Almaty is situated approximately 20 kilometers north of the Bakuta tungsten mine, facilitating product transportation [1] - The project benefits from existing and affordable water and electricity supply, enhancing its operational feasibility [1] Future Development Plans - The company aims to develop the Bakuta tungsten project into a world-class tungsten mining operation, leveraging its substantial tungsten resources, expected cost-effective production, and advantageous location in Kazakhstan [1]

Group 1 - The company, Jiexin International Resources, plans to conduct a global offering of 110 million shares from August 20 to August 25, 2025, with a share price set at HKD 10.92 per share [1] - The company is focused on the Bakuta tungsten mine project in Kazakhstan, which is recognized as one of the largest tungsten ore resources globally, with a projected mining and mineral processing capacity of 3.3 million tons of tungsten ore in 2025 [1][4] - The company has entered cornerstone investment agreements with several investors, including China Cinda Asset Management and others, to raise approximately USD 76.38 million through the sale of shares [2] Group 2 - The estimated net proceeds from the global offering are approximately HKD 1.088 billion, which will be allocated as follows: 55% for the Bakuta tungsten mine project development, 10% for expanding ammonium paratungstate (APT) production capacity, 25% for repaying part of the bank loans, and 10% for working capital and other general corporate purposes [3] - The company has reported losses in the past years, with net losses of HKD 94.5 million, HKD 80.1 million, HKD 177 million, and HKD 7 million for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [4]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for its IPO on the Hong Kong Stock Exchange, focusing on the development of the Bakuta tungsten mine in Kazakhstan, which is projected to be one of the largest tungsten resources globally [1][2]. Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, primarily developing the Bakuta tungsten mine project, which is expected to start commercial production in April 2025 with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [1]. - The Bakuta tungsten mine is estimated to have a mineral resource of approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3, as of June 30, 2025 [2]. Future Plans - The company aims to enhance the Bakuta project into a world-class tungsten mining operation, with plans to increase the annual mining and processing capacity to 4.95 million tons by 2027 and to establish a deep processing facility for high-quality ammonium paratungstate (APT) and tungsten carbide (WC) [3]. - Jiaxin International is also exploring opportunities for investment in non-ferrous metal resources in Central Asia and has signed a memorandum of understanding with relevant authorities in Kazakhstan to facilitate potential future collaborations [3]. Financial Performance - The company reported operating losses of 75.09 million HKD, 77.29 million HKD, and approximately 160 million HKD for the fiscal years 2022, 2023, and 2024, respectively, with total losses of approximately 94.45 million HKD, 80.13 million HKD, and about 177 million HKD during the same periods [3].

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt after previous failures [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine [2] - The Bakuta tungsten mine is recognized as the world's fourth-largest tungsten mine by resource volume, with a total mineral resource of 230,000 tons and the largest designed tungsten production capacity [2][3] Group 2: Financial Performance - Jiaxin International reported annual losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million from 2022 to 2024, accumulating over HKD 300 million in losses over three years [2] - Administrative expenses have shown a compound annual growth rate of 35.99%, with respective expenses of approximately HKD 40 million, HKD 70 million, and HKD 80 million during the same period [2] Group 3: Project Development - The Bakuta tungsten mine project has been in the exploration and development stage, with no confirmed revenue to date [2] - The project is expected to enter commercial production in the second quarter of 2025, with a targeted mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [3] Group 4: Shareholding Structure - The pre-listing shareholding structure of Jiaxin International includes significant stakeholders such as Jiangxi Copper (41.65%), Hengzhao International controlled by Liu Zijia (43.35%), and China Railway Construction (10%) [4]