Group 1 - The core viewpoint of the news is that Jaxin International Resources (03858) has successfully listed its shares at a price of HKD 10.92, raising approximately HKD 1.199 billion, with a significant initial trading increase of 108.79% to HKD 22.8 [1] - Jaxin International Resources is a tungsten mining company based in Kazakhstan, focusing 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][2] - According to Frost & Sullivan, the Bakuta tungsten mine is ranked as the fourth largest tungsten ore resource mine globally, possessing the largest designed tungsten production capacity in a single mine [1] Group 2 - The Bakuta tungsten mine is located in the Yenbekshikazakh district of Almaty region, Kazakhstan, with convenient access to transportation routes from Almaty and the Horgos port connecting Kazakhstan and China [2] - The project benefits from existing and affordable hydroelectric power supply, which is crucial for cost-effective production [2] - The company aims to develop the Bakuta tungsten mine project into a world-class tungsten mining operation, leveraging its rich tungsten resources and favorable location in Kazakhstan [2]

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]

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]

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]

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]

Investment Rating - The report gives a "Buy" rating for the tungsten industry, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [33]. Core Insights - The Bakuta tungsten mine is expected to begin commercial production in Q2 2025, contributing significantly to global tungsten supply [4][6]. - The mine has favorable geological conditions and is one of the largest tungsten resources globally, with an estimated resource of 109.5 million tons containing 0.211% WO3 [3][11]. - The global tungsten supply has been declining over the past six years, and the Bakuta mine's phase two production is expected to contribute 13% to global output by 2028 [6][28]. Summary by Sections Bakuta Tungsten Mine Overview - The Bakuta tungsten mine is located in Kazakhstan and is one of the largest open-pit tungsten mines globally, with a significant resource endowment [3][11]. - The mine's estimated resources include 10.95 million tons of ore, translating to approximately 231,500 tons of WO3 [3][11]. Production Timeline - Phase one of the Bakuta project is set to start commercial production in Q2 2025, with a target capacity of 3.3 million tons of tungsten ore per year [4][20]. - Phase two is planned for Q1 2027, which will increase production capacity to 4.95 million tons per year [4][20]. Cost Advantages - The Bakuta mine benefits from lower operational costs due to its open-pit nature and favorable local conditions for land use, water, electricity, and labor compared to other major tungsten-producing countries [23][24]. - The estimated operational cash cost for 2025 is projected to be approximately RMB 463.2 million, with a unit cost of RMB 156 per ton of ore [23][24]. Global Supply Dynamics - Global tungsten production is expected to remain stable, with a slight increase in 2024, but the Bakuta mine's contribution will be crucial as it ramps up production [6][28]. - The report highlights that China's tungsten production dominates the market, accounting for about 83% of global output [28]. Beneficiary Companies - Companies expected to benefit from the Bakuta tungsten mine's production include Zhangyuan Tungsten, Zhongtung High-tech, and Xiamen Tungsten, among others [7][30].