Group 1 - The core viewpoint of the article is that Jiaxin International Resources Investment Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] - The company focuses on the development of the Bakuta tungsten mine project in Kazakhstan, which is the largest open-pit tungsten trioxide mineral resource globally as of December 31, 2024, and the fourth largest in terms of tungsten trioxide mineral resources [1] - The Bakuta tungsten mine project is expected to commence its first phase of commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for the year 2025 [1] Group 2 - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons, with a credible ore reserve of 68.4 million tons [1] - The company plans to increase its annual mining and processing capacity to 4.95 million tons by 2027 and to construct deep processing facilities to produce ammonium paratungstate (APT) and tungsten carbide (WC) [1]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for its IPO on the Hong Kong Stock Exchange, focusing on the development of the Bakuta tungsten mine in Kazakhstan, which is projected to be one of the largest tungsten resources globally [1][2]. Company Overview - Jiaxin International is a tungsten mining company based in Kazakhstan, primarily developing the Bakuta tungsten mine project, which is expected to start commercial production in April 2025 with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [1]. - 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 [2]. Future Plans - The company aims to enhance the Bakuta project into a world-class tungsten mining operation, with plans to increase the annual mining and processing capacity to 4.95 million tons by 2027 and to establish a deep processing facility for high-quality ammonium paratungstate (APT) and tungsten carbide (WC) [3]. - Jiaxin International is also exploring opportunities for investment in non-ferrous metal resources in Central Asia and has signed a memorandum of understanding with relevant authorities in Kazakhstan to facilitate potential future collaborations [3]. Financial Performance - The company reported operating losses of 75.09 million HKD, 77.29 million HKD, and approximately 160 million HKD for the fiscal years 2022, 2023, and 2024, respectively, with total losses of approximately 94.45 million HKD, 80.13 million HKD, and about 177 million HKD during the same periods [3].

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]

Core Viewpoint - Jiaxin International Resources Investment Limited is preparing for an 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 recognized as one of the largest tungsten ore resources globally [4]. - The Bakuta tungsten mine is projected to start commercial production in April 2025, with a target annual mining and processing capacity of 3.3 million tons of tungsten ore [4]. Group 2: Resource Estimates - As of June 30, 2025, the estimated mineral resource of the Bakuta tungsten mine is approximately 107 million tons containing 0.211% WO3, equivalent to 227.3 thousand tons of WO3 [5]. - The mine has a credible ore reserve of 68.4 million tons with an average grade of 0.206% WO3, translating to 140.8 thousand tons of WO3 [5]. Group 3: 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 projected operating loss is approximately HKD 69.72 million [6]. - The company has not generated any revenue in the years leading up to 2024, with projected revenue of HKD 126.31 million for 2025 [8].