New stock news | Jingzhou Mo Lai Shi Longtou Jinyan High-Tech passes the hearing of the Hong Kong Stock Exchange. Its subsidiary mines are estimated to have mineral resources of over 18 million tons.

According to the disclosure by the Hong Kong Stock Exchange on November 17th, Anhui Jinyan Kaolin New Material Co., Ltd. (referred to as Jinyan New) has conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with Guoyuan Securities and CMBC CAPITAL as joint sponsors. The prospectus shows that Jinyan New specializes in the exclusive operation of coal-based kaolin in China, with integrated capabilities across the entire value chain from mining, R&D, processing, production, and sales. According to data provided by Frost & Sullivan, based on the revenue of Chinese coal-based calcined kaolin companies in 2024, the company ranks fifth with a market share of 5.4%. As a major producer of calcined kaolin products in China, Jinyan New relies on rich and high-quality coal-based kaolin mineral resources. The company's products mainly include materials for precision casting mullite and refractory mullite, which are important materials for precision casting shells and refractory materials. The company also sells raw coke powder, which customers can further process. With a vertically integrated business model and product quality advantages, Jinyan New has established a solid market position. For the fiscal years ending in 2022, 2023, 2024, and the five months ending on May 31, 2024 and 2025, the company produced 117.9 thousand tonnes, 114.5 thousand tonnes, 105.6 thousand tonnes, 46.8 thousand tonnes, and 84.8 thousand tonnes of precision casting mullite materials, and 5.2 thousand tonnes, 19.8 thousand tonnes, 25.7 thousand tonnes, 10.6 thousand tonnes, and 10.6 thousand tonnes of refractory mullite materials respectively. According to data provided by Frost & Sullivan, based on revenue in 2024, Jinyan New is the largest producer of precision casting mullite materials in China with a market share of 19.1%. According to the same data source, the market size of precision casting mullite materials in China is expected to increase from RMB 972 million in 2024 to RMB 1.362 billion in 2029, with a compound annual growth rate of 7.0%. It is also expected that the market size of refractory mullite materials in China will increase from RMB 5.526 billion in 2024 to RMB 6.431 billion in 2029, with a compound annual growth rate of 3.1%. Jinyan New's business is supported by rich and high-quality mineral resources. In October 2021, the company entered into an asset transfer agreement with Shuoli Mining, through which the company acquired Shuoli kaolin mine. According to an independent technical report, as of May 31, 2025, the estimated total mineral resources of Shuoli kaolin mine is approximately 18,649 thousand tonnes, with proven resources of 2,367 thousand tonnes, controlled resources of 8,990 thousand tonnes, and inferred resources of 7,292 thousand tonnes; the estimated total ore reserves are approximately 6,062 thousand tonnes, with proven reserves of 1,093 thousand tonnes and probable reserves of 4,969 thousand tonnes. Financially, for the fiscal years of 2022, 2023, 2024, and the five months ending on May 31, 2024 and 2025, Jinyan New achieved revenues of approximately RMB 190 million, RMB 205 million, RMB 267 million, RMB 88.289 million, and RMB 105 million respectively, with net profits and comprehensive income for the year/period totaling RMB 24.423 million, RMB 43.617 million, RMB 52.602 million, RMB 14.47 million, and RMB 18.032 million respectively.