Summary of Tungsten Industry Conference Call Industry Overview - The tungsten industry is characterized by China's dominance, holding over 80% of global tungsten supply in both production and reserves, while only accounting for 60% of global reserves [3][5] - The supply of tungsten is tightening due to over-extraction and regulatory controls, similar to the rare earth industry [1][6] Key Points and Arguments - **Price Trends**: Tungsten prices have reached historical highs, with prices for tungsten concentrate exceeding 200,000 yuan per ton in 2025, driven by supply constraints and market speculation [2][18] - **Supply Dynamics**: The native tungsten production in China is projected to decline from 72,000 tons in 2018 to 66,000 tons in 2024 due to quota controls and declining ore grades [7][16] - **Demand Drivers**: The primary demand for tungsten comes from the hard alloy sector, which accounts for nearly 60% of consumption. The manufacturing PMI and growth in metal cutting machine production indicate strong support for hard alloy demand [18][19] - **Strategic Metal**: Tungsten is recognized as a strategic metal with applications in military, photovoltaic, and controlled nuclear fusion sectors, which are expected to drive future demand [3][20] Important but Overlooked Content - **Recycling Challenges**: The recycling rate of tungsten in China is significantly lower than in developed countries, limiting short-term supply increases from recycled sources [14][16] - **Future Supply Gaps**: A projected supply gap of 1,000 tons in 2025 and 2,300 tons in 2026 indicates a tightening market, with limited growth expected from new projects until 2027 [23] - **Impact of Quota Changes**: The second batch of mining quotas, expected to be announced in September 2025, could significantly influence market dynamics. Historical data suggests potential for both increases and decreases in quotas based on prior usage [8][9] Company Insights - **Key Players**: Companies such as Zhongtung High-tech, Xiamen Property, and Zhangyuan Property are highlighted as potential beneficiaries of the current market conditions due to their production capabilities and market positioning [25][29] - **Performance Outlook**: The performance of these companies is expected to improve significantly in Q2 and Q3 of 2025 due to rising tungsten prices [26][29] Conclusion - The tungsten market is currently in a phase of tight supply and rising prices, driven by regulatory measures, declining ore grades, and strong demand from various sectors. The upcoming quota announcements and the performance of key companies will be critical to watch in the near future [27][28]

中新社香港8月28日电 (记者 戴小橦)哈萨克斯坦钨矿企业佳鑫国际资源投资有限公司(简称"佳鑫国际资 源")28日在香港交易及结算所有限公司(简称"港交所")挂牌上市。截至当日收盘，报30.34港元，较上市 价10.92港元，高出177.8%。 佳鑫国际资源在港交所正式挂牌上市。图为佳鑫国际资源管理层主持敲锣仪式。 中新社记者 陈永诺 摄 招股书显示，佳鑫国际资源是一家扎根于哈萨克斯坦的钨矿公司，专注于开发位于哈萨克斯坦的巴库塔 钨矿项目，该矿截至2024年12月31日是全球最大的露天三氧化钨矿产资源量矿，并且是全球第四大三氧 化钨矿产资源量矿。 香港特区政府财经事务及库务局局长许正宇在社交平台发文称，今年香港IPO(首次公开募股)市场表现 领跑全球，获得国际投资者热切关注。这家扎根哈萨克斯坦的矿业公司成功上市，反映香港市场国际化 的多元参与，同时亦体现香港与中亚地区合作推动落实共建"一带一路"倡议的成果。 许正宇称，佳鑫国际资源同步在港交所和哈萨克斯坦阿斯塔纳国际交易所(AIX)上市，属全球首例，于 AIX上市亦是中亚地区以人民币计价作IPO融资的先例，期待香港IPO市场有更多创新发展，继续发挥联 通全球企 ...

Core Viewpoint - Jiaxin International Resources Investment Co., Ltd. (佳鑫国际资源) successfully listed on the Hong Kong Stock Exchange, with its share price closing at HKD 30.34, representing a significant increase of 177.84% from its final offering price of HKD 10.92 [1][5]. Summary by Relevant Sections Share Offering and Capital Structure - The total number of shares offered globally was 109,808,800, with 10,981,200 shares allocated for public offering in Hong Kong and 98,827,600 shares for international offering [2]. - After the offering, the total number of issued shares (before the exercise of the over-allotment option) was 439,228,800 [2]. Financial Details - The total amount raised from the offering was HKD 1,199.1 million, with estimated listing expenses of HKD 111.4 million, resulting in a net amount of HKD 1,087.7 million [5][7]. - The net proceeds from the global offering will be allocated as follows: approximately 55% for the capital costs of the Bakuta tungsten mine project, 10% for developing ammonium paratungstate (APT) capacity, 25% for repaying part of bank loans, and 10% for working capital and other general corporate purposes [7]. Key Investors - The cornerstone investors include China Cinda (Hong Kong) Asset Management Co., Ltd., Singapore Luyin Trading Co., Ltd., and several others, collectively holding approximately 50% of the shares offered [8]. Business Focus and Financial Performance - Jiaxin International Resources is focused on developing the Bakuta tungsten mine project in Kazakhstan, with commercial production expected to commence in April 2025 [9]. - The company reported no revenue for the years 2022 and 2023, with projected revenue of HKD 126 million for the first half of 2025. Cumulative losses from 2022 to the first half of 2025 amounted to HKD 358 million [9][11]. Cash Flow and Financial Activities - The company experienced negative cash flows from operating activities in 2022, 2023, and 2024, with a positive cash flow of HKD 15.55 million projected for the first half of 2025 [10][11].

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Group 1 - The core viewpoint of the news is that Jaxin International Resources (03858) has successfully completed its IPO subscription, achieving a subscription amount of HKD 144 billion, which is nearly 1200 times oversubscribed compared to the public offering amount of HKD 1.2 billion [1] - Jaxin International Resources 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] - The company is based in Kazakhstan and focuses 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] Group 2 - Financial data indicates that the company 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 set to commence its first phase of commercial production in April 2025, with a targeted annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for that year [1][2]

Group 1: Company Overview - Double Power Co., Ltd. is a leading company in the energy storage business within the big data and communications sector, focusing on the design, research, manufacturing, and sales of energy storage batteries and systems [1][2] - The company plans to globally offer 58.557 million H-shares, with a total market value of HKD 6.048 billion post-IPO, and is set to list on August 26 [1] - The company has served five of the world's top ten telecommunications operators and nearly 30% of the top 100 global telecommunications operators [1][2] Group 2: Financial Performance - The company has shown steady revenue growth over the past three years, with revenues of RMB 4.072 billion, RMB 4.260 billion, and RMB 4.500 billion for 2022, 2023, and 2024 respectively [2] - Gross profits for the same years were RMB 690 million, RMB 867 million, and RMB 751 million, with gross margins of 16.9%, 20.3%, and 16.7% [2] - Net profits for the years were RMB 281 million, RMB 385 million, and RMB 353 million [2] Group 3: Market Position and Industry Outlook - According to Frost & Sullivan, Double Power Co., Ltd. ranks first in global shipments of energy storage batteries for telecommunications and data centers, with a market share of 11.1% in 2024 [1][2] - The global demand for communication networks is expected to grow due to the rapid adoption of technologies such as mobile communications, IoT, big data, AI, and 5G [2] - The global new installed capacity for communication energy storage is projected to increase from 25.1 GWh in 2020 to 43.9 GWh in 2024, with a compound annual growth rate of 15% [2] Group 4: Other Companies - Jiaxin International Resources is set to list on August 28, focusing on the development and operation of the Bakuta tungsten mine, which has the largest proven tungsten resource among open-pit tungsten mines globally [3][4] - The Bakuta tungsten mine has an estimated resource of 108 million tons, containing 22.73 million tons of WO3, and is included in the Belt and Road Initiative [3][4] - The company aims to achieve an annual mining and mineral processing capacity of 3.3 million tons of tungsten ore by 2025, increasing to 4.95 million tons by 2027 [4]

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 at a price of HKD 10.92 per share, with approximately 10% allocated for Hong Kong and 90% for international sales [1] - The company is based in Kazakhstan and focuses on developing the Bakuta tungsten mine project, which is reported to be the largest open-pit tungsten mine in terms of tungsten trioxide (WO3) resources globally as of December 31, 2024 [1][4] - The Bakuta tungsten mine is also noted as the fourth largest WO3 resource mine globally, with the largest designed tungsten production capacity in a single mine [1] Group 2 - The company has entered cornerstone investment agreements with several investors, including China Cinda (Hong Kong) Asset Management and others, agreeing to purchase shares worth approximately USD 7.638 million, translating to about 54.9 million shares at the IPO 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, with 55% allocated for capital costs related to the Bakuta tungsten mine project [3] - The company 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, indicating a focus on preparing for commercial production [4]

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 is set to raise approximately HKD 1.2 billion through the sale of around 109.8 million shares at a price of HKD 10.92 per share, with shares expected to be listed on August 28 [1] Group 1 - The company will have a dual primary listing on the Hong Kong Stock Exchange and the Astana International Exchange (AIX) in Kazakhstan [1] - Approximately 1.3 million shares, representing about 1.2% of the total shares offered, will be sold on the AIX [1] - China International Capital Corporation (CICC) is the sole sponsor for this offering [1]

2025年7月1日，中国《再生钨原料》（YS/T 1704-2024）行业标准已经正式实施，未来开放废钨进口或可缓解再生企业产能利用率不足问题，但长 期而言，对于抵消供应增长缓慢的效果有限。 中信建投（601066）方面表示，钨产品价格频创新高，国内首批钨精矿配额+环保督察影响下，供应下降。国外桑东和海豚钨矿增量不及预期，巴 库塔钨矿顺利投产，但当地缺乏冶炼产能，需运回中国冶炼后再出口。平衡表整体偏紧，海外的缺口相较国内更加明显，价格整体乐观。 8月14日，金投网数据中心显示，国内黑钨精矿（≥65%）现报价200400元/吨。今年以来，随着出口管制、环保生产约束趋严影响，钨矿供应水平 整体偏紧，加上国内行业供给侧政策信号驱动情绪面向好，以及外部资金推波助澜下，钨矿价格大幅上行，目前已突破20万整数关口，相较年初累 计上涨超39%。 ...