New Stock News | Jiaxin International Hong Kong IPO prospectus invalid, its Bakuuta tungsten mine ranks fourth globally.

The Hong Kong stock prospectus submitted by Jiaxin G-RESOURCES Investment Limited on August 19, 2024 expired after 6 months, on February 19, 2025. CICC was its exclusive sponsor at the time of submission. The prospectus shows that Jiaxin International is a tungsten mining company based in Kazakhstan, focusing on developing the Bakuta tungsten mine (Bakuta tungsten mine project). According to Frost & Sullivan's data, as of June 30, 2024, it is the world's largest open-pit tungsten mine with the largest global resource of tungsten trioxide (WO3). According to Frost & Sullivan's data as of the same date, the Bakuta tungsten mine is also the fourth largest WO3 resource tungsten mine in the world (including open-pit and underground tungsten mines), with the largest designed tungsten production capacity in the world in a single tungsten mine. According to the independent technical report, as of June 30, 2024, based on the "JORC Rules", the estimated mineral resource of Jiaxin International's Bakuta tungsten mine is approximately 110.4 million tons of ore containing 0.211% WO3 (equivalent to 233.2 thousand tons of WO3), including 98.5 million tons of measured resources (0.209% WO3) and 11.9 million tons of inferred resources (0.228% WO3. As of the same date, according to the "JORC Rules" guidelines, the Bakuta tungsten mine has a credible ore reserve of 70.8 million tons of ore, with an average grade of 0.205% WO3, equivalent to 145.4 thousand tons of WO3). With its abundant tungsten resources and reserves, cost-effective production, and convenient location in Kazakhstan, Jiaxin International plans to continue developing the Bakuta tungsten mine project into a world-class tungsten mining project. In particular, the company plans to integrate the ore sorting system into the existing mining process by 2027 to increase the target annual mining and ore processing capacity of tungsten ore to 4.95 million tons, and further build a deep processing plant to produce high-quality ammonium paratungstate (APT) and tungsten carbide (WC). The company also plans to explore more investment opportunities in non-ferrous metal resources in Central Asia. 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. In 2021, 2022, 2023, and up to September 30, 2024, the company incurred losses of 26.117 million Hong Kong dollars, 94.45 million Hong Kong dollars, 80.129 million Hong Kong dollars, and 64.969 million Hong Kong dollars respectively.