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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	Shuangdeng 06960.HK	Battery Products	14.51	500	7,328.17	2025/08/21	2025/08/25	2025/08/26
	Jiaxin Intl Res 03858.HK	Diversified Metals & Minerals	10.92	400	4,412.06	2025/08/25	2025/08/27	2025/08/28

Summary

We are a tungsten mining company focusing on the development of our Boguty tungsten mine (the “Boguty Project”) based in Kazakhstan, which was the world’s largest open-pit tungsten mine in terms of Mineral Resources of tungsten trioxide (WO3) as of December 31, 2024, according to Frost & Sullivan. As of December 31, 2024, our Boguty tungsten mine was also the world’s fourth largest tungsten mine (including both open-pit and underground tungsten mines) in terms of Mineral Resources of WO3, having the world’s largest designed tungsten concentrate production capacity among single tungsten mines, according to Frost & Sullivan. During the Track Record Period, we primarily focused on preparing the Boguty Project for commercial production, and the phase I commercial production of the Boguty Project commenced in April 2025 with a target annual mining and processing capacity of 3.3 Mt of tungsten ore in 2025. As of the Latest Practicable Date, we only had one mine, i.e., the Boguty tungsten mine, and our future revenue in the near term is dependent on this mine. According to the Independent Technical Report, the estimated Mineral Resources of our Boguty tungsten mine under the JORC Code as of June 30, 2025 were approximately 107.5 Mt ore at 0.211% WO3, which correspond to 227.3 kt WO3, comprising 95.6 Mt of Indicated Resources at 0.209% WO3 and 11.9 Mt of Inferred Resources at 0.228% WO3, and our Boguty tungsten mine hosted Probable Ore Reserves in accordance with the JORC Code guidelines as of June 30, 2025, i.e., 68.4 Mt of ore with an average grade of 0.206% WO3, equivalent to 140.8 kt WO3. Our Boguty tungsten mine is located in Yenbekshikazakh District, Almaty Oblast, and can be accessed via national highway from both Almaty, Kazakhstan and the Khorgos crossing that connects Kazakhstan to China. In addition, a railway connecting Khorgos and Almaty is located approximately 20 km north of our Boguty tungsten mine, which is expected to enable smooth transportation of our products. We also have ready and affordable access to water and electricity supply for our Boguty Project. We hold the exclusive mining rights (the rights for exploration for and extraction of tungsten ore) of the Boguty tungsten mine under the Subsoil Use Contract No. 4608-TPI (as amended and supplemented by four subsequently agreed addenda, the “SSU Contract”) with the relevant competent authority in Kazakhstan. The contract area for mining is stated at 1.16 km2 and allows exploitation for up to a maximum depth of 300 m below surface, with a term of 25 years from June 2, 2015 to June 2, 2040. Leveraging our abundant tungsten Resources and Reserves, anticipated cost-effective production and convenient location in Kazakhstan, we plan to continue to develop our Boguty Project into a world-class tungsten mining project. In particular, we plan to increase our target annual mining and processing capacity to 4.95 Mt of tungsten ore in 2027 after we integrate an ore sorting system into our existing mining flowsheet, and further build deep processing plants for production of high-quality ammonium paratungstate (APT) and tungsten carbide powder (WC) after the the Listing. We also plan to explore additional investment opportunities for nonferrous metal resources in Central Asia. In July 2023, we entered into a memorandum of understanding with the relevant competent authority in Kazakhstan for potential collaborations as we continue to develop our Boguty Project and potentially in other new fields which the parties may consider fit for further collaborations in the future. Source: Jiaxin Intl Res (03858) Prospectus (IPO Date : 2025/08/20)
Listing Market	MAIN
Industry	Diversified Metals & Minerals
Background	Others
Major Business Area	Asia

Corporate Information

Substantial Shareholders	Liu Zijia (32.51%) [00358] Jiangxi Copper Company Limited (31.24%) [01186] China Railway Construction Corporation Limited (11.25%)
Directors	LIU Liqiang (Chairman and Executive Director) WANG Zhongwei (Chief Executive Officer and Executive Director) QIU Huaizhi (Executive Director) LIAN Jie (Non-Executive Director) ZHA Kebing (Non-Executive Director) WANG Jianfeng (Independent Non-Executive Director) WONG Hok Bun Mario (Independent Non-Executive Director) ZHU Guoshan (Independent Non-Executive Director)
Company Secretary	LIU Wenjing
Principal Bankers	China Merchants Bank Bank of China (Hong Kong) Limited CMB Wing Lung Bank Limited
Solicitors	Clifford Chance Egen Gregory LLP Global Law Office
Auditors	PricewaterhouseCoopers
Registered Office	Room 4501, 45/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong
Share Registrars	Computershare Hong Kong Investor Services Ltd. [Tel: (852) 2862-8628]
Share Registrars Tel No	(852) 2862-8628
Internet Address	http://www.jiaxinir.com
Email Address
Tel No
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