New stock news | Jin Yanguoling New Materials (02693) ends its IPO with a subscription amount of 98.8 billion Hong Kong dollars, oversubscribed by 5568 times.

Jinyan Kaolingxincai (02693) launched its IPO from November 25th to November 28th noon, and the latest subscription has ended. It is expected to start trading on December 3rd. Market statistics show that as of 10:00 am on Friday (November 28th), the company's oversubscribed subscription amount reached HK$98.8 billion, based on the public offering amount of HK$17.74 million, oversubscribed by 5568 times. According to the issuance plan, Jinyan Kaolingxincai plans to issue 24.3 million H shares in Hong Kong, with one-tenth being offered publicly in Hong Kong at a price of HK$7.3 per share, raising nearly HK$180 million. Each lot is 500 shares, with an entry fee of HK$3686.8 per lot. The company has entered into cornerstone investment agreements with Pingmei Hong Kong, Chuangli Hong Kong, Jinyuan Hong Kong, and Degao Mines. According to this, cornerstone investors have agreed to subscribe at the issue price or induce designated entities to subscribe for a certain number of shares at the issue price, with a total amount of HK$76.2193 million. Regarding the use of raised funds, 70.8% will be used for the deep processing project of mullite-based aluminum-silicon materials to increase the production capacity of refractory mullite materials; 20.6% will be used to establish a Silicon Aluminum New Materials Engineering Technology Research Center to significantly improve research and development capabilities for the continuous development of new products; 0.6% will be used to repay the principal amount and accrued interest of certain bank loans; 8% will be used for operating funds and general corporate purposes. The prospectus shows that Jinyan Kaolingxincai specializes in coal-based kaolin in China and has the integrated capability across the entire value chain from mining, research and development, processing, production to sales. According to data provided by Frost & Sullivan, based on the income of Chinese coal-based calcined kaolin companies in 2024, the company ranks fifth with a market share of 5.4%. According to data provided by Frost & Sullivan, based on the income in 2024, Jinyan Kaolingxincai is the largest producer of fine casting mullite materials in China with a market share of 19.1%. For the fiscal years 2022, 2023, 2024, and the five months ended May 31, 2025, Jinyan Kaolingxincai achieved revenues of approximately RMB 190 million, RMB 205 million, RMB 267 million, RMB 88.289 million, and RMB 105 million respectively. The net profit and total comprehensive income for the year/period were RMB 24.423 million, RMB 43.617 million, RMB 52.602 million, RMB 14.47 million, and RMB 18.032 million.