📌 Company Overview
Name: Jiaxin International Resources Investment Limited (佳鑫國際資源投資有限公司)
Business: Tungsten mining company, focused on the Boguty tungsten mine in Kazakhstan.

Project:
World’s largest open-pit tungsten mine (by WO₃ mineral resources as of Dec 31, 2024, Frost & Sullivan).
Phase I commercial production commenced in April 2025 with an annual mining & processing capacity of 3.3 Mt of tungsten ore.
Planned expansion: Phase II production in 2027, raising capacity to 4.95 Mt/year.

📌 Mineral Resources & Reserves (JORC Code, as of June 30, 2025)
Resources: 107.5 Mt ore @ 0.211% WO₃ → 227.3 kt WO₃
Indicated: 95.6 Mt @ 0.209% (200.3 kt WO₃)
Inferred: 11.9 Mt @ 0.228% (27.0 kt WO₃)
Reserves: Probable Ore – 68.4 Mt @ 0.206% WO₃ → 140.8 kt WO₃

📌 Global Offering Details
Offer Shares: 109,808,800 (subject to over-allotment option)
Hong Kong Public Offering: 10,981,200 shares (~10%)
International Offering: 98,827,600 shares (~90%), including 1,317,600 shares for AIX Offering (~1.2%)
Offer Price: HK$10.92 per share
Stock Code: 3858
Listing: Dual primary listing on Hong Kong Stock Exchange (HKEX) and Astana International Exchange (AIX).

📌 Key Dates (Expected Timetable)
Prospectus Date: August 20, 2025
Hong Kong Public Offering Application Period: Aug 20–25, 2025
Results of Allocation Announced: August 27, 2025
Dealings on HKEX: August 28, 2025 (9:00 a.m. HKT)
Dealings on AIX: August 28, 2025 (11:00 a.m. ALMT)

📌 Application & Payment
Minimum Application: 400 shares

Application Methods:
White Form eIPO (www.eipo.com.hk)
HKSCC EIPO channel (via brokers/custodians through FINI system)
No physical application channels – electronic only.
Application Amounts: Example – 400 shares require HK$4,412.06 (including brokerage, SFC levy, AFRC levy, and HKEX fees).

📌 Development Plan & Future Strategy
Phase II expansion (2027): Increase annual mining & processing capacity to 4.95 Mt.
Downstream processing: Build plants for ammonium paratungstate (APT) and tungsten carbide (WC) production.
Regional growth: Explore opportunities in nonferrous metals in Central Asia.
ESG focus: Commitment to sustainable development and alignment with Belt and Road Initiative.

📌 Risk Highlights (from Prospectus)
Heavy reliance on a single mine (Boguty).
Exposure to tungsten price volatility.
Dependence on loan financing (EUR 188m facility in 2020).
Regulatory compliance risks in Kazakhstan.
Operational risks linked to contractor mining and technical performance.

16× forward valuation, which is 20–40 % below A-share peers like CATL (25×) and EVE Energy (24×)

✅ In summary:
Jiaxin International Resources is listing 109.8 million shares at HK$10.92 each under stock code 3858, with a dual listing in Hong Kong and Kazakhstan (AIX). Its sole asset is the Boguty tungsten mine, the world’s largest open-pit tungsten resource, which started production in April 2025. The company plans to expand production in 2027 and move into downstream tungsten processing.

Jiaxin International Resources Investment (Stock code: 3858.HK; AIX symbol: JXIR)
Offer Price: HK$10.92 per share; Global Offer Size: 109,808,800 shares (Hong Kong 10,981,200; International 98,827,600 incl. AIX 1,317,600; subject to reallocation and over-allotment). Listing Date: Thu, Aug 28, 2025. Stabilization window expected to end Wed, Sep 24, 2025.

Business snapshot (from the Prospectus)
• Producer of tungsten concentrates ramping up commercial operations; first revenue recognized in 1H25. 1H25 revenue: HK$126.3m; gross profit: HK$18.0m; gross margin: 14.2% (ramp-up phase, still loss-making).
• Pro forma net tangible assets (NTA): HK$1,111.5m; NTA per share: HK$2.53 at the HK$10.92 Offer Price ⇒ implied P/B ≈ 4.32×. Shares in issue post-IPO (no greenshoe): 439,228,800. Implied market cap ≈ HK$4.80bn.

Offer mechanics & timetable (key details)
• Application channels (fully electronic):
— White Form eIPO via eipo.com.hk.
— HKSCC EIPO by instructing your broker/custodian that is an HKSCC Participant to submit via FINI (shares will be held in CCASS). 
• Hong Kong application window: Wed, Aug 20, 2025 (9:00 a.m.) → Mon, Aug 25, 2025 (12:00 noon); allocation results expected Wed, Aug 27, 2025 (HKT); listing Thu, Aug 28, 2025.
Board lot: 400 shares; pay Offer Price + fees on application (brokerage 1.0%, SFC levy 0.0027%, HKEX fee 0.00565%, AFRC levy 0.00015%). Peer comparison (symbols shown) — valuation & quality metrics

Notes on data & sources: Jiaxin P/B computed from HK$10.92 / HK$2.53 NTA/share (prospectus). Peer metrics from Reuters company pages; revenue growth for 603993.SS, 600549.SS and 002378.SZ computed from Reuters annual revenue tables (2024 vs 2023).

IPOs in the same period (Aug 2025, HKEX)
• SICC (2631.HK) — listed Aug 20, 2025; +6.40% on day-one close.
• INNOGEN-B (2591.HK) — listed Aug 15, 2025; +206.48% on day-one close.
• AB&B BIO-TECH-B (2627.HK) — listed Aug 11, 2025; +157.98% on day-one close.
• Sunshine Pharma (6887.HK) — listed Aug 7, 2025.
Recent listings show very strong first-day gains in selective, hot-theme deals, indicating supportive primary market risk appetite into late August.

Sector & commodity backdrop (why it matters for tungsten equities)
• Tungsten prices have surged in 2025 (APT benchmark referenced by industry sources) with China’s tightened export controls and robust demand a recurring driver; CMOC reported 2024 revenue +14% YoY and higher dividend, underscoring improving fundamentals into 2025. This backdrop typically supports tungsten-linked miners’ valuations.

Allotment & gray-market context
• Allocation results and basis are scheduled for Wed, Aug 27, 2025 (HKT) per the prospectus timetable. Gray-market indications for peers around this period (where available) have generally tracked positive when sentiment is strong.

Bottom line — subscribe or skip; and first-day trading call
• Pros: Tungsten upcycle supports sentiment; scarcity value for a pure-play tungsten producer on HKEX; moderate float and market cap (~HK$4.8bn) can amplify order-book dynamics; inclusion of AIX tranche may broaden investor base.

• Cons: Early-ramp financials (loss-making; P/E not meaningful), and headline P/B (~4.32×) sits above CMOC (3.21×) and Xiamen Tungsten (2.67×) though below Zhangyuan (6.72×) — a rich look vs integrated peers for a mine-ramp profile.

• My view: Cautious-positive into listing given bullish tungsten tape and hot IPO tape, but valuation premium and ramp risk argue for position sizing discipline.
• First-day trading range estimate: HK$10.70–12.30 (i.e., –2% to +13% vs Offer Price), with a lean to a mild-to-firm close above offer if broader risk tone holds and order book is healthy. (Range grounded on comparable miner multiples, current commodity momentum, and recent HK IPO prints.)

How to apply (practical steps, Hong Kong retail)
• Decide your channel: White Form eIPO (apply online; shares go to your own name) or HKSCC EIPO via your broker/custodian (shares held via CCASS under your broker). Both are fully electronic; there are no paper forms or receiving banks for this offer.
• Key dates & cut-offs:
— Apply from 9:00 a.m. Wed, Aug 20; deadline 12:00 noon Mon, Aug 25. Results Wed, Aug 27; listing Thu, Aug 28.
— Board lot 400 shares; pay Offer Price + standard fees/levies on application.
• Via brokers/banks: instruct any HKSCC Participant broker/custodian (e.g., your usual Hong Kong brokerage app) to submit HKSCC EIPO on your behalf; ensure funds (inclusive of fees) are ready before the noon, Aug 25 cut-off.

Why this may pop (or not) on day one — quick read
• Pop drivers: tight free float, commodity tailwind, HK IPOs printing strong in August.
• Drag risks: above-peer P/B for a loss-making ramp; execution/production milestones will be watched closely in the first updates.

Peer symbols for reference
• 3858.HK (Jiaxin International Resources Investment); 603993.SS (CMOC Group); 600549.SS (Xiamen Tungsten); 002378.SZ (Chongyi Zhangyuan Tungsten).

Thank you