Group 1 - The core viewpoint of the news is that Jiaxin International Resources (03858) has successfully completed its IPO subscription, raising significant interest with a subscription amount of HKD 144 billion, leading to an oversubscription of nearly 1200 times [1] - The company plans to issue 110 million shares, with 10% allocated for public offering at a price of HKD 10.92 per share, aiming to raise approximately HKD 1.2 billion [1] - Jiaxin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan, which is projected to be one of the largest tungsten ore resources globally by December 31, 2024 [1] Group 2 - Financial data indicates that the company has incurred 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 [2] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a targeted mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [1][2]

Core Insights - Tungsten has emerged as a critical resource in military industrial applications, with a melting point of 3400°C and hardness second only to diamond, making it essential for armor-piercing ammunition, missile engine components, and advanced chip manufacturing [1][7]. Resource Comparison - Global tungsten reserves are approximately 4.6 million tons, with China holding 2.4 million tons (52.17%), Russia at 450,000 tons, and the U.S. at only 140,000 tons [3]. - In China, the Jiangxi Gannan region hosts significant tungsten deposits, with the Zhu Xi tungsten mine and Wu Ning Da Hu Tang tungsten mine holding reserves of 2.86 million tons and 1.06 million tons, respectively, surpassing the combined reserves of the U.S. and Russia [3]. U.S. and Russian Challenges - The U.S. has ceased commercial tungsten mining since 2015, relying on imports for 58% of its tungsten alloy needs, primarily from China [5]. - Russia's tungsten mining is hindered by extreme environmental conditions and high transportation costs, limiting its production capacity to 3,000 tons per year, which is only one-twentieth of China's output [5]. Military Applications - Tungsten's military value is highlighted in the Ukraine conflict, where tungsten alloy armor-piercing shells can penetrate thick armor due to their high density [7]. - The U.S. military consumes over 6,000 tons of tungsten annually, and any disruption in the supply chain could cripple half of its weapon production lines [7]. Supply Chain Control - China controls the entire tungsten supply chain, from mining to high-end processing, implementing annual quotas and monopolizing deep processing technologies, which increases costs for Western companies by 30% [9]. - Export restrictions on tungsten products starting in 2025 have already led to a 25% drop in export volumes, pushing international tungsten prices close to historical highs [9]. Historical Context - The competition for tungsten resources dates back to the 1930s, with significant historical events involving tungsten trade impacting military capabilities during World War II and the Cold War [12][14]. - The ongoing "tungsten war" reflects the geopolitical struggle for resource control, with China transitioning from a resource exporter to a technology price setter [16]. Future Implications - The strategic importance of tungsten is underscored by its applications in advanced technologies, such as nano tungsten wires for chip etching and tungsten-molybdenum alloys for hypersonic missiles [16]. - The potential for a supply disruption from China is recognized as a top-tier risk for the U.S. military, with significant implications for various industries, including aerospace and semiconductors [16].

校对： 刘星莹 佳鑫国际资源将于2025年8月20日至8月25日招股，全球发售1.1亿股，其中中国香港发售占10%，国际 发售占90%，并设有15%的超额配股权。 （文章来源：证券时报网） 发售价定为每股10.92港元，预计于2025年8月28日在香港联交所上市。 公司业务核心是位于哈萨克斯坦的巴库塔钨矿项目，该项目是全球最大的露天三氧化钨矿产资源量矿 山，并且是全球第四大钨矿，在单一矿山中拥有最大的设计产能。 扣除相关费用后，预计募集资金净额约为10.88亿港元，将主要用于巴库塔钨矿项目的资本成本（约 55%）、发展仲钨酸铵（APT）生产能力（约10%）、偿还银行贷款（约25%）以及营运资金（约 10%）。集团已与信达、鲁银等公司签订基石投资协议。 ...

Group 1 - The company, Jaxin International Resources, plans to conduct an initial public offering (IPO) from August 20 to August 25, 2025, aiming to globally offer 110 million shares, with approximately 10% allocated for Hong Kong and 90% for international sales, plus a 15% over-allotment option [1] - The offering price is set at HKD 10.92 per share, with trading expected to commence on August 28, 2025 [1] - The company is focused on the Bakuta tungsten mine project in Kazakhstan, which is projected to be the largest open-pit tungsten mine globally by WO3 resource volume by December 31, 2024 [1][4] Group 2 - The cornerstone investors, including China Cinda (Hong Kong) Asset Management and others, have agreed to subscribe for shares amounting to approximately USD 76.38 million, translating to about 54.9 million shares at the offering price [2] - The estimated net proceeds from the global offering, after deducting underwriting fees and expenses, are expected to be around HKD 1.088 billion [3] - The company plans to allocate approximately 55% of the net proceeds for capital costs related to the Bakuta tungsten mine project, with specific allocations for tailings storage and mineral processing plant establishment [3] Group 3 - The company has reported 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] - The Bakuta tungsten mine project commenced its first phase of commercial production in April 2025, marking the beginning of revenue generation for the company [4]

Group 1 - The company, Jaxin International Resources, plans to globally offer approximately 110 million shares, with 10.9812 million shares available in Hong Kong and 98.8276 million shares for international offering, along with a 15% over-allotment option [1] - The offering price is set at HKD 10.92 per share, with a trading unit of 400 shares, and the shares are expected to start trading on the Hong Kong Stock Exchange on August 28, 2025 [1] - The company is focused on the Bakuta tungsten mine project in Kazakhstan, which is projected to be the largest open-pit tungsten mine in terms of WO3 mineral resources by December 31, 2024 [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to approximately USD 76.38 million under certain conditions [2] - It is estimated that the company will net approximately HKD 1.0877 billion from the global offering, assuming the over-allotment option is not exercised [2] - The net proceeds from the 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 [2]

Company Overview - Jaxin International Resources Investment Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, having passed the listing hearing on August 11, with China International Capital Corporation as the sole sponsor [1][5] - The company was established on August 29, 2014, and is focused on developing the Bakuta tungsten mine project in Kazakhstan [6] - The major shareholders include Hengzhao Holdings Group and Jiangxi Copper (Hong Kong) Investment Co., holding approximately 43.35% and 41.65% respectively [6] Mining Project Details - The Bakuta tungsten mine is recognized as the largest open-pit tungsten mine in terms of WO₃ mineral resources and the fourth largest overall [7] - As of June 30, 2025, the estimated mineral resource is approximately 107.5 million tons, containing 227,300 tons of WO₃ [7] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore this year [8] Financial Performance - Jaxin International has not generated revenue in the past three years, with a reported revenue of HKD 26.31 million (approximately RMB 24.09 million) in the first half of this year [10] - The company has incurred significant losses over the past three years, totaling approximately HKD 352 million (around RMB 322 million) [10] - The debt-to-asset ratio has been high, reaching 101.6% as of the first half of this year [11] Market Context - China is the largest tungsten resource country, holding over 50% of global reserves and accounting for more than 80% of global production [12] - Due to resource depletion and environmental regulations, China's tungsten production has decreased from 69,000 tons in 2019 to an estimated 67,000 tons in 2024 [12] - The demand for tungsten is expected to grow, particularly in hard alloy products, with consumption projected to reach 65,500 tons by 2029 [12] Competitive Landscape - Jaxin International plans to sell tungsten products primarily to the Chinese market, competing with local tungsten producers [15] - The company faces risks associated with reliance on a single mining project, which could be affected by various operational challenges [15] - Tungsten prices are influenced by global supply and demand dynamics, with recent data indicating a significant price increase of 37.65% year-to-date [16]

Group 1 - The core viewpoint of the article is that Jiaxin International Resources Investment Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on the development of the Bakuta tungsten mine project in Kazakhstan, which is the largest open-pit tungsten trioxide mineral resource globally as of December 31, 2024, and the fourth largest in terms of tungsten trioxide mineral resources [1] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for the year 2025 [1] Group 2 - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons, with a credible ore reserve of 68.4 million tons [1] - The company plans to increase its annual mining and processing capacity to 4.95 million tons by 2027 and to construct deep processing facilities to produce ammonium paratungstate (APT) and tungsten carbide (WC) [1]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for its IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is projected to be one of the largest open-pit tungsten mines globally by December 31, 2024 [4] - 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 [5] - The company plans to increase its annual mining and mineral processing capacity to 4.95 million tons by 2027 and aims to explore more opportunities in non-ferrous metal resources in Central Asia [5][6] Group 2: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6] - For the six months ending June 30, 2025, the company anticipates revenue of HKD 126.313 million, with a cost of sales of HKD 108.332 million, resulting in a gross profit of HKD 17.981 million [7] - The net loss attributable to the company's equity holders for the fiscal year 2024 is projected to be HKD 172.97 million, with a loss of HKD 6.989 million for the six months ending June 30, 2025 [7]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an IPO on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1]. Group 1: Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta tungsten mine, which is recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: Financial Performance - The company reported operating losses of HKD 75.09 million, HKD 77.29 million, and approximately HKD 160 million for the fiscal years 2022, 2023, and 2024, respectively [6]. - For the six months ending June 30, 2025, the projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].

Summary of Tungsten Industry Conference Call Industry Overview - The tungsten mining indicators in China have been tightened for two consecutive years, with the first batch of 2025 indicators decreasing by 6.5% to 58,000 tons, alongside increased efforts to combat illegal smuggling and enhance environmental inspections, aimed at controlling production and consolidating policy effects [2][4][6] - The global supply-demand relationship for tungsten is tightening, with an expected gap to continue expanding from 2026 to 2028 [2][3] - The price of tungsten concentrate in China has surged to 193,000 yuan per ton, marking a cumulative increase of 36% since the beginning of the year, reaching a historical high [2][5] Key Points and Arguments - **Export Controls**: China has implemented export controls on heavy tungsten acid, tungsten oxide, and tungsten carbide, leading to a short-term decline in export volumes. However, due to high overseas premiums, some products have seen a recovery, with ammonium paratungstate exports increasing by 70% year-on-year [2][4][6] - **Geopolitical Factors**: Conflicts between India and Pakistan have highlighted tungsten's strategic metal value, contributing to price increases [4] - **Supply Constraints**: Domestic and international supply constraints are expected to drive long-term price increases, with the market entering a bullish phase [3][4][17] - **Price Disparity**: There is a significant price disparity between domestic and overseas tungsten prices, with overseas APT prices significantly higher than domestic prices. Chinese companies can maintain growth by increasing exports to regions not subject to the 301 tariffs [2][16][20] Policy Measures - **Mining Quota Control**: China has a history of controlling tungsten mining quotas since 1991, with the first batch for 2025 set at 58,000 tons, a decrease from previous years [6] - **Export Control Implementation**: Export controls were strengthened in February 2025, leading to a drop in overall tungsten product exports, although certain downstream products like tools and blades have seen growth [22][23] - **Environmental and Smuggling Crackdown**: Increased efforts to combat illegal smuggling and enhance environmental inspections have been noted, effectively reducing over-extraction rates [6] Global Responses - **EU and US Initiatives**: Both the EU and the US have taken measures to secure critical metal supplies, with the EU setting local mining, processing, and recycling targets, and the US enhancing domestic production capabilities through legislation and international cooperation [7][9][12] - **US Tariffs**: The US has imposed a 25% tariff on Chinese tungsten concentrate and downstream products, aiming to restructure the supply chain and increase tungsten stockpiles in the fiscal years 2024-2025 [13][14][15] Future Supply and Demand Dynamics - **Supply Growth Limitations**: Global supply growth remains constrained, with emerging industries and geopolitical security demands driving long-term demand growth [17][19] - **Production Forecasts**: Global tungsten production is expected to rise from 81,000 tons in 2023 to 90,300 tons by 2028, with a compound annual growth rate of 2.57% [18][24] - **Chinese Market Drivers**: Demand in China is driven by manufacturing upgrades and large infrastructure projects, with significant growth in hard alloy tungsten material consumption [19] Price Trends and Predictions - **Short-term Price Outlook**: In the short term, the tightening supply-demand relationship and low global inventories are expected to benefit Chinese tungsten concentrate prices, potentially leading to new historical highs [24] - **Long-term Price Projections**: Long-term projections indicate that the global supply-demand gap will further widen, driving prices upward and indicating a bullish market trend [24] Investment Insights - **Company Performance Trends**: Analysis of major listed companies indicates stable profit growth driven by resource injection and downstream product price increases [26] - **Investment Selection Criteria**: Investors are advised to focus on companies with strong upstream resource development potential and robust downstream pricing capabilities, particularly those benefiting from high overseas premiums [27][28]