JinXun Resources (03636) conducted its IPO from December 31st to January 6th and received cornerstone investments totaling approximately 60.26 million US dollars.

Jinxun Resources (03636) will be listed from December 31, 2025 to January 6, 2026. The company plans to globally offer 36.7656 million H shares, with 10% for sale in Hong Kong, 90% for international sale, and an additional 15% for over-allotment option. The offer price per share is HK$30, and H shares will be traded in units of 200 shares per lot, with trading expected to commence on January 9, 2026 (Friday) at 9:00 am on the Stock Exchange. We are a leading manufacturer of high-quality copper cathodes with strong influence in the Democratic Republic of Congo (DRC) and Zambia. According to data from Wood Mackenzie, as of December 31, 2024, based on production in the DRC and Zambia, we rank fifth among Chinese copper cathode producers, and the only Chinese company to rank in the top five in both jurisdictions. Specifically, in 2024, we produced approximately 16,000 tons and 5,000 tons of copper cathodes in the DRC and Zambia respectively. Among private enterprises in China, based on 2024 production, we rank third in the DRC with a market share of 0.9% and first in Zambia with a market share of 0.8%. Our revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2024 and 2025 were RMB 637 million, RMB 676 million, RMB 1.77 billion, RMB 596 million, and RMB 964 million respectively. Our net profits for the same periods were RMB 83.50 million, RMB 29.10 million, RMB 202 million, RMB 93.10 million, and RMB 135 million respectively. We have entered cornerstone investment agreements with investors Glencore AG, Stoneylake Global, North Rock, Huaxia Fund (Hong Kong), New Asia Prosperity, Lianyu Group, Zhengxin Group, and Sunwoda Electronic. These cornerstone investors have agreed to subscribe to a total amount of approximately USD 60.26 million worth of shares at the offer price, subject to certain conditions. We estimate that if the offer price of HK$30 per share is realized and the over-allotment option is not exercised, we will receive net proceeds of approximately HK$1.0426 billion from the global offering. Approximately 80% of these proceeds will be used to expand our core business, around 10% for repayment of certain interest-bearing bank loans, and approximately 10% for working capital and general corporate purposes.