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 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].

Group 1: Research Basic Information - The research object is Zhangyuan Tungsten Co., Ltd., belonging to the minor metals industry. The reception time was August 27, 2025. The listed company's reception staff included Zhang Cui, the representative of the securities affairs department, and Liu Min from the board of directors' office [17]. - The detailed research institutions included Zhongtai Securities (securities company with representatives Ren Heng and Li Runting), Huian (fund management company with representative Yang Kunhe), Guangdong Zhengyuan Private Equity (fund management company with representative Chen Zemin), and Yuanxin Yongfeng (fund management company with representative Ma Hongli) [18]. Group 2: Company's Business and Performance - The company is mainly engaged in the development and utilization of tungsten mine resources and the production and sales of ammonium paratungstate (APT), tungsten oxide, tungsten powder, tungsten carbide powder, thermal spray powder, and cemented carbide. It has an integrated production system covering upstream exploration and mining, mid - stream smelting and powder - making, and downstream deep processing of the tungsten industry [23]. - In the first half of 2025, affected by multiple factors such as supply - side tightening, rigid downstream demand, and international situations, the price of tungsten raw materials continued to rise. The company achieved an operating income of 239,920.59 million yuan, a year - on - year increase of 32.27%; an operating profit of 13,732.88 million yuan, a year - on - year increase of 2.19%; and a net profit attributable to shareholders of the listed company of 11,510.62 million yuan, a year - on - year increase of 2.54%. Excluding the impact of additional deductions, the operating profit and net profit attributable to shareholders of the listed company in the first half of 2025 were 12,751.38 million yuan and 10,664.70 million yuan respectively, with year - on - year increases of 15.94% and 16.87% [26][27]. Group 3: Company's Mine Conditions - In the first half of 2025, the company's tungsten concentrate (WO3 65%) output was 1,849.93 tons, a year - on - year increase of 3.24%; tin concentrate (100% metal content) output was 426.12 tons, a year - on - year increase of 2.71%; and copper concentrate (100% metal content) output was 180.61 tons, a year - on - year increase of 2.02% [28]. - After completing the record - filing of the "Reserves Verification Report of Tungsten Ore Resources in Taoxikeng Mining Area (Boundary Expansion)" for the Taoxikeng Tungsten Mine and Dongfeng Prospecting Right Mining Area, the company completed the compilation of the "Development and Utilization Plan of Mineral Resources in Taoxikeng (Boundary Expansion)" in the first half of 2025 and submitted it to the Ministry of Natural Resources for review. The "Reserves Verification Report of Tungsten Ore Resources in Xin'anzi Mining Area (Boundary Expansion)" for the Xin'anzi Tungsten - Tin Mine and Longtanmian Prospecting Right Mining Area has been completed and submitted for review. The resource exploration work in the Huangzhulong Tungsten Mine and its surrounding areas is progressing as planned. The deep - resource reserves verification and reconstruction project of Dayu Shilei Tungsten Mine is advancing in an orderly manner, and the underground filling system of Xin'anzi Tungsten - Tin Mine is filling the underground goaf as planned [29][30][31]. Group 4: Company's Product Sales and Subsidiary Performance - In the first half of 2025, the company actively expanded the market, optimized the product structure, and improved product performance. The sales volume of tungsten powder was 2,657.83 tons, a year - on - year increase of 43.68%; the sales volume of tungsten carbide powder was 2,975.12 tons, a year - on - year increase of 19.25%; the sales volume of the company's cemented carbide was 573.92 tons, a year - on - year decrease of 7.17%; and the sales volume of thermal spray powder was 222.59 tons, a year - on - year decrease of 1.93% [33]. - In the first half of 2025, Ganzhou Aoketai optimized its internal management and incentive mechanism, increased the enthusiasm of the sales team and problem - solving efficiency, and further explored the market. It achieved an operating income of 35,353.30 million yuan, a year - on - year increase of 15.36%. The sales revenue of cemented carbide tools was 18,927.11 million yuan, a year - on - year increase of 2.26%; the sales revenue of bars was 14,339.83 million yuan, a year - on - year increase of 28.30%. The net profit was 138.79 million yuan, turning from a loss in the previous year to a profit [34].

Group 1 - The tungsten market continues to experience upward momentum, with tight supply expectations due to strict safety production controls [1] - The price of 65% black tungsten concentrate is reported at 233,000 RMB per standard ton, an increase of 62.9% since the beginning of the year [1] - The price of 65% white tungsten concentrate is reported at 232,000 RMB per standard ton, reflecting a 63.4% increase year-to-date [1] Group 2 - In the ammonium paratungstate (APT) market, suppliers are holding onto stock in anticipation of price increases, leading to a scarcity of APT [1] - The price of APT is reported at 350,000 RMB per ton, which is a 65.9% increase since the start of the year [1] - European APT prices range from 485 to 520 USD per ton (equivalent to 308,000 to 330,000 RMB per ton), marking a 52.3% increase year-to-date [1]

Core Viewpoint - The tungsten sector is experiencing significant price increases and heightened demand, driven by supply constraints and emerging applications in new energy technologies, particularly in photovoltaic and lithium battery industries [1][2][3]. Industry Overview - As of 2024, global tungsten reserves are estimated at 4.6 million metric tons, with China holding 2.4 million metric tons, accounting for 52% of the total [2]. - The demand for tungsten in the new energy sector is projected to grow, with the penetration rate of tungsten wire in photovoltaics expected to rise from 20% in 2024 to 40% in 2025, and lithium battery consumption anticipated to increase by 22% year-on-year, reaching 1,500 tons by 2025 [1][2]. Price Trends - Tungsten product prices have been on the rise, with 65% tungsten concentrate priced at 217,000 CNY/ton as of August 20, 2023, reflecting a 51.75% increase since the beginning of the year [2]. - The price of ammonium paratungstate (APT) has reached 311,500 CNY/ton, up 47.98% year-to-date, while tungsten powder is priced at 482.5 CNY/kg, marking a 53.91% increase [2]. Company Insights - Xiamen Tungsten is a leading integrated player in the tungsten industry, with nearly 50% of its revenue coming from tungsten and molybdenum businesses in 2024 [4]. - China Tungsten High-Tech is the top global player in hard alloys, with a resource self-sufficiency rate of 70% [4]. - Zhangyuan Tungsten ranks among the top three in domestic tungsten resource reserves, with over 60% self-sufficiency in tungsten concentrate [4]. - Xianglu Tungsten is a core supplier of hard alloys, producing ultra-fine tungsten powder with a purity of 99.99%, catering to high-end military and aerospace demands [4]. - Luoyang Molybdenum, the second-largest tungsten producer globally, is expected to reach a tungsten concentrate output of 12,000 tons by 2025, with reserves exceeding 300,000 tons [5].

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 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]

Group 1 - The tungsten market continues to experience price increases, with tungsten concentrate and major tungsten product prices reaching new highs [1] - After a brief decline at the beginning of the month, the market quickly returned to stability, driven by a tight supply and reluctance from holders to sell [1] - As of the report, ammonium paratungstate (APT) price is 291,000 CNY/ton, up 37.9% since the beginning of the year; tungsten powder price is 438 CNY/kg, up 38.6%; tungsten iron price is 300,000 CNY/ton, up 39.5%; and scrap tungsten bar price is 327 CNY/kg, up 48.6% [1]