New Stock News: Jiaxin International's listing on the Hong Kong Stock Exchange has been approved by the China Securities Regulatory Commission for issuance of up to 125 million shares.
13/12/2024
GMT Eight
On December 13, the International Cooperation Department of the China Securities Regulatory Commission issued a notice regarding the overseas issuance and listing filing of Jiaxin G-RESOURCES Investment Limited. The company plans to issue up to 124,962,400 ordinary shares and list on the Hong Kong Stock Exchange, as well as issue up to 1,317,600 ordinary shares and list on the Astana International Exchange in Kazakhstan. According to the disclosure by the Hong Kong Stock Exchange on August 19, Jiaxin International submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor.
The prospectus shows that Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on the development of the Bakuta Tungsten Mine (Bakuta Tungsten Project). According to Foster Sullivan's data, as of June 30, 2024, it is the largest open-pit tungsten mine in the world in terms of tungsten trioxide (WO3) mineral resources. According to Foster Sullivan's data, as of the same date, the company's Bakuta Tungsten Mine is also the fourth largest tungsten mining reserve in the world in terms of WO3 mineral resources (including both open-pit and underground tungsten mines), with the largest designed tungsten mining capacity in a single tungsten mine in the world. During the historical period, the company mainly focused on preparing for the commercial production of the Bakuta Tungsten Mine Project. It is expected that the project will commence trial production in the fourth quarter of 2024 to test and refine the processing flow, with a target mining and mineral processing capacity of 0.6 million tons of tungsten ore in 2024. Commercial production is expected to begin in the first quarter of 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore in 2025. As of August 9, 2024, the company only had one mine (the Bakuta Tungsten Mine), and recent revenue depends on that mine.
Financially, the Bakuta Tungsten Mine Project was in the exploration and development stage throughout the entire historical period, therefore, the company did not recognize any revenue. For the years/periods ending September 30, 2021, 2022, 2023, and 2024, the company incurred losses of HK$26.117 million, HK$94.45 million, HK$80.129 million, and HK$64.969 million respectively.