Jinyan Kaolin New Material (02693) launches IPO today, attracting 4 cornerstone investors including Ping Coal Hong Kong and Chuanli Hong Kong to subscribe for 76.2193 million Hong Kong dollars of shares.

Golden Rock High Alumina New Materials (02693) will be listed from November 25, 2025, to November 28, 2025, with a plan to globally offer 24.3 million H shares. The Hong Kong public offering will account for 10%, while the international offering will account for 90%, with an additional 15% over-allotment option. The offer price per share is HK$7.30, with a minimum subscription of 500 shares, and it is expected that the H shares will begin trading on the Stock Exchange on December 3, 2025, at 9:00 am. Furthermore, the company has entered cornerstone investment agreements with Pingmei Hong Kong, Chuangli Hong Kong, Jinyuan Hong Kong, and Degao Mine. These cornerstone investors have agreed, subject to certain conditions, to subscribe or induce designated entities to subscribe for a certain number of shares at the offer price. The total amount is HK$76.2193 million. Assuming the over-allotment option is not exercised and based on an offer price of HK$7.30 per share, the net proceeds from the global offering are expected to be approximately HK$124.3 million. Around 70.8% will be used for the Deep Processing Project of Morandum-based Aluminium-Silicon Materials; approximately 20.6% will be used to establish a Silicon-Aluminum New Materials Engineering Technology Research Center; about 0.6% will be used to repay the principal and accrued interest of certain bank loans; and around 8.0% will be allocated to operating funds and general corporate purposes. The company specializes in coal-based kaolin in China, with integrated capabilities across the entire value chain from mining, research and development, processing, production, to sales. According to data from 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, the company's business is supported by rich and high-quality coal-based kaolin mineral resources. The company's products mainly include fine casting Morandum materials and refractory Morandum materials, which are important materials for precision casting shells and refractory materials. The company also sells raw coke powder, which customers can further process. For the years ending December 31, 2022, 2023, and 2024, as well as the five months ending on May 31, 2025, the company's revenue was approximately RMB 190.4 million, RMB 204.7 million, RMB 267 million, RMB 88.3 million, and RMB 105 million respectively. The net profits were approximately RMB 24.4 million, RMB 43.6 million, RMB 52.6 million, RMB 14.5 million, and RMB 18 million respectively, demonstrating the company's sustainable profit-making ability.