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]

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]