New Stock News | China Molybdenum Co., Ltd. (02546) Has Completed Its IPO, with a Subscription Amount of 22.11 Billion Hong Kong Dollars, Oversubscribed 4019 Times.

Mining company Zhihui Mining (02546) held its initial public offering from December 11th to December 16th, but the latest offering has now ended. As of noon on December 16th, based on market data, Zhihui Mining has received 22.11 billion Hong Kong dollars in margin financing from securities firms, based on a public offering amount of 55 million Hong Kong dollars, oversubscribed 4019 times. Zhihui Mining plans to issue 120 million H-shares, with 10% of those shares available for public offering in Hong Kong, at a price range of 4.1 to 4.51 Hong Kong dollars per share, with a board lot of 1000 shares and an entry fee of 4555.5 Hong Kong dollars. The company aims to raise up to 550 million Hong Kong dollars. It is expected to be listed on December 19th, with Sinolink and Maisi Capital as its joint sponsors. In this listing, Zhihui Mining introduced Zhaojin Mining (01818) fully-owned companies Spaco, GIGA Industries, and Poly Platinum as cornerstone investors, with subscriptions of approximately 144 million Hong Kong dollars and 80 million Hong Kong dollars respectively, totaling approximately 49.737 million shares, accounting for 40.78% of the global offering. According to the prospectus, Zhihui Mining was established in 2013 and is a mining company that focuses on exploration, mining, production, and sales of zinc, lead, and copper in Tibet, China. Based on data from the Shanghai Nonferrous Network, the company ranks fifth, fourth, and fifth based on the average annual production of zinc, lead, and copper concentrates in Tibet in 2024. In 2024, the company accounted for 11.1% of total zinc concentrate production, 4.2% of total lead concentrate production, and 0.1% of total copper concentrate production in Tibet. Lead and copper concentrate production in Tibet is dominated by a few leading companies. In 2024, two major companies in Tibet accounted for 36.1% and 31.6% of the total lead concentrate production market share, and similarly, for copper concentrate, these two companies accounted for 44.2% and 42.3% of the total market share. Zhihui Mining has a business operation chain that covers exploration, mining, concentrate production, and sales. The company's main products include zinc, lead, and copper concentrates, and its revenue comes from selling these concentrates to customers in China, including non-ferrous metal traders and smelters, who then sell the concentrates to end-users or further process them based on their needs. Financially, in the fiscal years 2022, 2023, 2024, and from January to July 2025, the company reported revenues of 482 million, 546 million, 301 million, and 257 million RMB, respectively. During the same period, the company's net profits attributable to owners and comprehensive income were 118 million, 155 million, 55.85 million, and 51.73 million RMB, respectively. According to the prospectus, Zhihui Mining plans to use approximately 29.2% of the net proceeds from the global offering to enhance its mining capabilities, around 23.4% to increase exploration investments within its mining rights in Tibet, about 18.7% to improve concentration production capacity and optimize concentrate production to support sustainable growth, approximately 14.0% for investing in assets with growth potential, around 7.7% for working capital and other general corporate purposes before 2030, and around 7.0% for repaying bank loans before 2026.