Zhii Mining (02546) will conduct a global public offering of 122 million H shares from December 11th to December 16th, introducing cornerstone investors such as Spaco.

Zhixi Mining (02546) will conduct its IPO from December 11, 2025, to December 16, 2025. The company plans to globally issue 122 million H shares, with approximately 10% for public offering in Hong Kong and 90% for international offering. The offering price per share is HK$4.1 to HK$4.51. Trading of the H shares, with a board lot of 1000 shares, is expected to begin on December 19, 2025, at 9:00 am (Hong Kong time) on the Stock Exchange. The group is a mining company focusing on zinc, lead, and copper exploration, mining, smelting, and sales in Tibet, China. According to data from the Shanghai Nonferrous Network, the group ranks fifth, fourth, and fifth in average annual production of zinc concentrate, lead concentrate, and copper concentrate in Tibet in 2024. The group has entered into cornerstone investment agreements with Spaco and Greater Bay Area Home Investment (GIGA Industries Limited and Poly Platinum Enterprises Limited). Under these agreements, the cornerstone investors have agreed to subscribe for a certain amount of shares at a subscription price of HK$4.51 per share (the highest offering price), amounting to approximately HK$224 million, subject to certain conditions. The group estimates to net proceeds of approximately HK$471 million from the global offering, which will be used for various purposes to enhance the group's operational capabilities, particularly in mining, exploration, and production processes. In the fiscal years ended December 31, 2022, 2023, and 2024, as well as the seven months ended July 31, 2025, the group's total revenue was approximately RMB 482 million, RMB 546 million, RMB 301 million, and RMB 257 million, respectively. The group's gross profit was approximately RMB 175 million, RMB 218 million, RMB 105 million, and RMB 85.7 million, with gross profit margins of approximately 36.2%, 39.9%, 34.7%, and 33.4%, respectively. The group's net profit was approximately RMB 118 million, RMB 155 million, RMB 55.9 million, and RMB 51.7 million, with net profit margins of approximately 24.4%, 28.3%, 18.5%, and 20.2%, respectively.