Group 1 - Jiaxin International Resources Investment Co., Ltd. successfully listed on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan on August 28, 2025 [3][5] - PwC served as the reporting accountant for Jiaxin International, providing comprehensive and professional services to facilitate the company's compliance with Hong Kong listing rules [3][5] - The successful dual listing marks a significant milestone for Chinese enterprises going global and highlights the achievements of the Belt and Road Initiative in cross-border capital cooperation [5] Group 2 - Jiaxin International operates the Bakuta tungsten mine, which is located in Kazakhstan, a key area of the Belt and Road Initiative [5] - The Bakuta tungsten mine is recognized as the world's largest open-pit tungsten mine in terms of tungsten trioxide (WO₃) mineral resource volume, according to Frost & Sullivan data [5] - The dual listing reinforces Hong Kong's role as a bridge between mainland China and global markets, enhancing its position as an international financial center [5]

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange (AIX) on August 28, with a pre-green shoe issuance scale of $153 million and a post-green shoe scale of $176 million assuming full exercise of the green shoe option [2][3] - This project marks the first simultaneous listing on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia, as well as the first listing in Hong Kong focused on tungsten mining [3] - The successful listing is significant for China's global layout in strategic resources, ensuring the security of national industrial and supply chains, and supporting high-quality development of advanced industries, setting a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [3] Group 2 - China International Capital Corporation (CICC) served as the sole sponsor and played a crucial role in project execution and market promotion, leveraging its cross-border business capabilities to understand and address the listing rules of both markets [3][4] - CICC is one of the earliest Chinese investment banks to operate in the Central Asian market, and this project is another classic case of supporting high-quality Belt and Road construction, further strengthening CICC's leading position in international investment banking [4] - CICC aims to continue serving the real economy and facilitating cross-border capital flows, helping Chinese enterprises enhance their global competitiveness and promoting more international companies to list in Hong Kong [4]

Group 1 - Jiaxin International Resources Investment Co., Ltd. officially listed on the Hong Kong Stock Exchange and the Astana International Exchange (AIX) on August 28, with a pre-green shoe issuance scale of $153 million and a post-green shoe scale of $176 million assuming full exercise of the green shoe option [1] - This project marks the first simultaneous listing on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia, as well as the first listing in Hong Kong focused on tungsten mining [1] - The successful listing of Jiaxin International Resources is significant for China's global layout in strategic resources, ensuring the security of national industrial and supply chains, and supporting high-quality development of advanced industries, setting a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [1] Group 2 - China International Capital Corporation (CICC) served as the sole sponsor for the project, leveraging its cross-border business capabilities to lead project execution and market promotion, while understanding the listing rules of both regions and proposing comprehensive solutions [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge connecting China and Central Asia markets for efficient cross-border resource integration [2] - This project further strengthens CICC's leading position in the international investment banking sector and exemplifies its commitment to high-quality Belt and Road Initiative projects, with plans to continue supporting the real economy and cross-border capital flows [2]

Company Overview - Jiaxin International Resources (03858.HK) successfully listed on the Hong Kong Stock Exchange, with CICC as the sole sponsor [6] - The company is focused on developing the Bakuta tungsten mine in Kazakhstan, which is projected to be the largest open-pit tungsten mine by WO3 resource volume globally by December 31, 2024 [6][7] - The Bakuta tungsten mine is also ranked as the fourth largest tungsten mine globally, including both open-pit and underground mines, with the largest designed tungsten production capacity [6][7] Financial Performance - The company reported losses of HKD 94.45 million, HKD 80.129 million, and HKD 177 million for the years 2022, 2023, and 2024 respectively, totaling a cumulative loss of HKD 350 million over three years [9] - Commercial production is set to begin in April 2025, with a target mining and processing capacity of 3.3 million tons of tungsten ore in 2025 [9] - The company expects to generate revenue of HKD 126 million from tungsten concentrate sales in the first six months ending June 30, 2025, with a gross profit of HKD 18 million, resulting in a gross margin of 14.2% [10] Market Dynamics - Global tungsten reserves increased from approximately 3.3 million tons in 2018 to 4.4 million tons in 2023, with a compound annual growth rate (CAGR) of 5.9% [12] - In 2023, global tungsten production was 78,000 tons, while consumption was approximately 124,100 tons, resulting in a significant supply gap of 46,100 tons, indicating strong demand for tungsten resources [12] - China holds over 50% of global tungsten reserves, with a projected reserve of 2.4 million tons in 2024, and is the leading producer, accounting for over 80% of global tungsten production [12][13] Strategic Plans - The net proceeds from the global offering will be allocated as follows: approximately 55% for capital costs of the Bakuta tungsten mine project, 10% for developing ammonium paratungstate (APT) production capacity, 25% for repaying part of the bank loans denominated in euros, and 10% for working capital and other general corporate purposes [14]

8月28日，佳鑫国际资源投资有限公司正式在香港联交所主板、哈萨克斯坦阿斯塔纳国际交易所 （AIX）"一带一路"板同步上市，绿鞋前发行规模1.53亿美元，绿鞋后发行规模1.76亿美元（假设绿鞋 全额行使）。中金公司担任本项目的独家保荐人、整体协调人、联席全球协调人、联席账簿管理人及联 席牵头经办人。 中金公司是最早在中亚市场开展业务的中资投行，该项目是服务高质量共建"一带一路"的又一经典案 例，进一步强化了中金公司在国际投行业务领域的领先地位。未来，中金公司将继续坚持服务实体经济 和跨境资本流动，助力中国企业提升全球竞争力，推动更多国际企业在中国香港上市。 编辑：林森 该项目是全球首个香港联交所和哈萨克斯坦阿斯塔纳国际交易所两地同步上市项目，中亚地区首支人民 币计价股票，香港资本市场首家以钨矿开采为主业的上市项目。在2025年上海合作组织天津峰会即将召 开之际，佳鑫国际资源在中国香港和哈萨克斯坦的成功上市具有重大意义，为我国在战略资源领域的全 球布局以及保障国家产业链供应链安全、支撑高端产业高质量发展提供了重要支撑，为高质量共建"一 带一路"背景下的跨国金融合作与产能协同树立了新标杆。 中金公司作为本项目的独家 ...

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange, marking the first simultaneous listing of its kind in the world [1] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This listing is significant as it represents the first RMB-denominated stock in Central Asia and the first Hong Kong-listed company primarily engaged in tungsten mining [1] Group 2 - China International Capital Corporation (CICC) acted as the sole sponsor and played a crucial role in executing the project, leveraging its cross-border business capabilities [2] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, positioning itself as a bridge between China and Central Asia [2] - This project further solidifies CICC's leading position in the international investment banking sector and exemplifies its commitment to facilitating cross-border capital flows and enhancing the global competitiveness of Chinese enterprises [2]

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. has successfully completed a dual listing on the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking a significant milestone in cross-border financial cooperation and resource security for China [1][3] Group 1: Listing Details - The initial issuance scale was $153 million, with a potential post-green shoe issuance scale of $176 million if the green shoe option is fully exercised [1] - This project is the first of its kind to achieve simultaneous listings on both the Hong Kong Stock Exchange and the Astana International Exchange, and it is the first RMB-denominated stock in Central Asia [1] Group 2: Strategic Significance - The successful listing is crucial for China's global layout in strategic resources and supports the security of national industrial and supply chains, contributing to high-quality development of advanced industries [1] - The listing sets a new benchmark for multinational financial cooperation and capacity collaboration under the Belt and Road Initiative [1] Group 3: Role of CICC - CICC acted as the sole sponsor and coordinator for the project, leveraging its cross-border business capabilities and understanding of the listing rules in both markets [3] - The project exemplifies CICC's commitment to serving national strategies, ensuring resource security, and supporting the development of the real economy [3] - CICC aims to enhance the global competitiveness of Chinese enterprises and facilitate more international companies to list in Hong Kong [3]

Group 1 - Jiaxin International Resources Investment Co., Ltd. has officially listed on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking the first simultaneous listing of its kind [1][3] - The initial offering size was $153 million, with a potential total size of $176 million if the greenshoe option is fully exercised [1] - This project represents the first RMB-denominated stock in Central Asia and is the first Hong Kong-listed company primarily engaged in tungsten mining [3] Group 2 - The successful listing is significant for China's strategic resource global layout and supports the security of national industrial and supply chains, contributing to high-quality development of advanced industries [3] - CICC, as the sole sponsor, demonstrated its cross-border business capabilities and provided comprehensive solutions for the unique dual-listing project [3][4] - CICC aims to serve national strategies, ensure resource security, and support the development of the real economy, acting as a bridge between China and Central Asia markets [4] Group 3 - CICC is one of the earliest Chinese investment banks to operate in the Central Asian market, reinforcing its leading position in international investment banking [4] - The project exemplifies CICC's commitment to high-quality Belt and Road Initiative cooperation and will continue to enhance the global competitiveness of Chinese enterprises [4]

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]

Core Points - On August 25, Hunan Gold announced that its subsidiary, Hunan Xinlong Mining Co., Ltd. (Xinlong Mining), experienced a fatal accident during the handling of anchor net loose stones, resulting in the death of an employee and a subsequent production halt for rectification [1][3] - The accident occurred on August 24 at the 7 vein 310-813 mining site, where loose stones suddenly collapsed, leading to the fatality [3] - Xinlong Mining has initiated an emergency response plan and is cooperating with local emergency departments for further investigation [3] Company Overview - Xinlong Mining was established on February 18, 2004, with a registered capital of 300 million yuan, primarily engaged in the mining, acquisition, and sales of gold, antimony, and other non-ferrous metals [3] - Hunan Gold is one of the top ten gold-producing companies in China and a leading global developer of antimony mines, with significant operations in tungsten mining [3] - The company has three secondary subsidiaries, ten mining bases, and an asset scale exceeding 7 billion yuan [3]