Diversified metals company Jiaxin International Resources Investment Limited (03858.HK) has launched its Hong Kong IPO: the offer runs from 20–25 August 2025, with 109,808,800 shares in the global offering and a 15% over-allotment option. The offer price is HK$10.92 per share; the board lot is 400 shares with a minimum application of about HK$4,412.06. Listing on the Main Board of HKEX is expected on 28 August, alongside a dual primary listing on Kazakhstan’s AIX.

Jiaxin International Resources: Kazakhstan tungsten miner with dual primary listing on HKEX + AIX

Offer structure: Approximately 10% Hong Kong Public Offer and 90% International Offer (with an initial ~1.2% tranche proposed for AIX).

Offer price: HK$10.92 per share; 400 shares per board lot; minimum application about HK$4,412.06.

Offer period: 20–25 August 2025.

Listing date: 28 August 2025.

IPO sponsor: China International Capital Corporation Hong Kong Securities Limited.

Company Profile

Jiaxin International Resources focuses on Kazakhstan’s “Bakuta” tungsten mine. According to Frost & Sullivan, as of 31 December 2024 the project is the world’s largest open-pit tungsten trioxide (WO₃) resource; including underground resources, it ranks fourth globally by WO₃ resources, and the single mine holds the largest designed capacity worldwide. The company completed trial production in November 2024 and commenced commercial production in Q2 2025, targeting an annual mining and beneficiation throughput of ~3.3 million tonnes of ore. On shareholders and strategic capital, prior financing rounds brought in Jiangxi Copper (Hong Kong), CRCC Guotou, and CCECC (Hong Kong); cornerstone investors in this IPO include China Cinda (Hong Kong) Asset Management, Singapore Luyin, GF Fund and E Fund.

Dual Listing and AIX Offering

The global offering adopts a dual primary listing on HKEX and AIX. The AIX offering initially proposes 1,317,600 shares (about 1.2% of the global offering). The AIX offer price is set at RMB 9.93 per share, equivalent to the Hong Kong offer price, and the shares are expected to begin trading on AIX on 28 August under the code “JXIR.”

Financial Information

During the pre-production investment phase, the company recorded losses of approximately HK$94.45 million (2022), HK$80.129 million (2023) and HK$177 million (2024), totalling roughly HK$350 million over three years. With commercial production starting in 2025, the six months ended 30 June 2025 saw revenue of about HK$126 million, gross profit around HK$18 million, and a gross margin of ~14.2%. Net IPO proceeds are intended mainly for the Bakuta tungsten mine capex (~55%), APT (ammonium paratungstate) capacity build-out (~10%), partial repayment of euro-denominated loans (~25%), and working capital and other corporate purposes (~10%).

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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