Group 1 - The price of black tungsten concentrate (≥65%) has increased by 101.4% to 288,000 yuan/ton, while ammonium paratungstate (APT) price has risen by 98.1% to 418,000 yuan/ton since the beginning of the year [1] - The Ministry of Natural Resources has set a total control index for tungsten mining of 58,000 tons for the first batch in 2025, a decrease of 4,000 tons compared to the first batch in 2024, representing a decline of over 6% [1] - Demand for tungsten products has significantly increased due to the recovery of the manufacturing sector, particularly in automotive, aerospace, and machinery processing industries [1] Group 2 - Companies like Changyi Zhangyuan Tungsten Industry Co., Ltd. reported a revenue of 2.4 billion yuan in the first half of the year, a year-on-year increase of 32.27%, with tungsten powder sales rising by 43.68% to 2,657.83 tons [1] - The company has six mining rights and ten exploration rights, enhancing its resource reserve capabilities through collaboration with geological experts [2] - High tungsten prices may lead upstream mining companies to seek potential resource development, while also prompting downstream companies to accelerate the search for alternative materials [2] Group 3 - The development cycle for tungsten mining is long and capital-intensive, making it difficult to quickly increase production, suggesting that tungsten prices may still have room for growth [3] - The value of tungsten resources is being re-evaluated in the market, necessitating all stakeholders, including resource, processing, and end-use companies, to adapt to market changes [3]

Group 1: Market Overview - The Hang Seng Index fell by 1.21%, down 305 points, closing at 25,037 points, while the Hang Seng Tech Index dropped by 1.66% [1] - The trading volume in the Hong Kong stock market reached 169.3 billion HKD in the morning session [1] Group 2: Solar and Renewable Energy Stocks - Solar stocks performed well, with several new energy operators receiving subsidy funds, which is expected to support domestic demand in the coming year [1] - GCL-Poly Energy (03800) rose by 2.33%, while Kaisa New Energy (01108) increased by 3.65%, and Fuyao Glass (06865) gained 1.98% [1] - October Rice Field (09676) surged over 8%, with adjusted net profit increasing by 97.7% year-on-year, indicating deepened channel penetration [1] - Haotian International Investment (01341) rose over 5%, with 35.75 million HKD from an unused placement being redirected to purchase Ethereum [1] - Jiaxin International Resources (03858) increased by over 3%, benefiting from the ongoing rise in tungsten prices, with rich resources at the Bakuta tungsten mine [1] Group 3: Semiconductor and Oil Stocks - Semiconductor stocks faced significant declines, with SMIC (00981) and Hua Hong Semiconductor (01347) both dropping over 6% [2] - Oil stocks collectively fell, with CNOOC Services (02883) down over 3%, Sinopec (00386) and Yanchang Petroleum dropping over 2%, and PetroChina (00857) and CNOOC (00883) decreasing by 1.36% [2]

Core Viewpoint - The stock price of Jaxin International Resources (03858) has increased by over 9%, currently trading at 32.8 HKD, driven by rising tungsten prices and strong performance expectations from its core asset, the Bakuta tungsten mine [1] Company Summary - Jaxin International Resources focuses on tungsten resource development in Kazakhstan, with the Bakuta tungsten mine being its core asset [1] - As of the first half of this year, the Bakuta tungsten mine has a resource volume of 107.5 million tons of tungsten ore, with a grade of 0.211%, containing 22.7 thousand tons of WO₃ [1] - The mine's reserves are reported at 68.4 million tons of tungsten ore, with a grade of 0.206%, containing 14.08 thousand tons of WO₃ [1] Industry Summary - Tungsten prices have significantly increased, with major tungsten product prices doubling compared to the average price in 2024 [1] - As of September 3, the price of 65% black tungsten concentrate reached 278,000 CNY per standard ton, reflecting a 94.4% increase since the beginning of the year [1] - The rising tungsten prices are expected to lead to substantial profit growth for companies like Jaxin International Resources, which are positioned to benefit from this upward trend [1]

Core Insights - On September 1, the price of tungsten concentrate surged by 12,000 yuan, reaching 264,000 yuan per ton, with an increase of 4.76% [1] - Over the past two months, the cumulative increase in tungsten concentrate prices has approached 35% [1] Supply Side Analysis - The reduction in tungsten concentrate mining quotas has led to limited resource availability, with a decline in ore grade and resource attributes providing strong support [1] Demand Side Analysis - Domestic demand remains stable, primarily driven by essential procurement [1] - In early July, mainstream companies raised long-term contract prices, which has contributed to price stabilization in the market [1] - Future attention will be on the new round of long-term contract pricing [1]

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]

Core Insights - Jiaxin International Resources Investment Co., Ltd. has successfully listed on both the Hong Kong Stock Exchange and the Astana International Exchange in Kazakhstan, marking a significant milestone as the first dual listing project in these two markets [1][3] - The project represents the first RMB-denominated stock in Central Asia and is the first Hong Kong-listed company primarily engaged in tungsten mining [3] - The successful listing is seen as a critical support for China's global strategic resource layout and the security of national industrial and supply chains, especially ahead of the 2025 Shanghai Cooperation Organization Tianjin Summit [3] Company and Industry Summary - The project was exclusively sponsored by China International Capital Corporation (CICC), which leveraged its cross-border business capabilities to lead the execution and market promotion of this innovative dual listing [3][4] - CICC's role in this project reinforces its leading position in the international investment banking sector and highlights its commitment to supporting high-quality Belt and Road Initiative projects [4] - The company aims to continue facilitating cross-border capital flows and enhancing the global competitiveness of Chinese enterprises, while also promoting more international companies to list in Hong Kong [4]

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]