Yunnan Jinxun Resources Co., Ltd.

Date of Prospectus: December 31, 2025

Yunnan Jinxun Resources: HKEX IPO Analysis, Cornerstone Investors, Offer Structure, and First-Day Listing Outlook

Yunnan Jinxun Resources Co., Ltd. launches its highly anticipated IPO on the Hong Kong Stock Exchange, targeting investors and analysts with a solid growth story, substantial cornerstone backing, and a robust offering structure. This in-depth analysis covers the IPO snapshot, deal parties, financial health, market position, key risks, and listing outlook — all grounded in official disclosures.

IPO Snapshot: Yunnan Jinxun Resources Targets HK\$4.4 Billion Market Cap

IPO Symbol: Not explicitly disclosed.
Offer Price: HK\$30.00 per H Share.
Total Offer Size: 36,765,600 H Shares (inclusive of both Hong Kong Public Offering and International Offering, before over-allotment).
Post-IPO Outstanding Shares: 147,062,243 Shares (assuming the over-allotment option is not exercised).
Market Capitalization on Listing: HK\$4,412 million.
Over-allotment Option: Up to 5,514,800 additional H Shares (15% of initial Offer Shares), exercisable by Overall Coordinators post-listing.
Application Window: Opens 9:00 a.m., December 31, 2025; closes 12:00 noon, January 6, 2026. Listing date expected January 8, 2026.
Application Channels: White Form eIPO (www.eipo.com.hk); HKSCC EIPO via brokers/custodians using FINI system.

Dividend Policy: Interim dividend for six months ended June 30, 2025: RMB0.28/share (aggregate RMB30,883,000); future dividend policy not explicitly stated.

Placement Breakdown:

• Hong Kong Public Offering: 3,676,600 H Shares (subject to reallocation)
• International Offering: 33,089,000 H Shares (subject to reallocation and over-allotment)
• Cornerstone Placing: 15,627,200 H Shares (approx. 42.5% of Offer Shares, HK\$468.84 million)

Cornerstone Investors and Institutional Participation: Market Confidence Signals

Cornerstone Investors (by name):

• Glencore AG
• Stoneylake Global
• North Rock
• ChinaAMC (HK)
• New Asia Ferrell
• Bridge Zone Group
• Zhengxin Group
• Sunwoda Treasury

Total Cornerstone Commitment: US\$60.26 million (HK\$468.84 million).
Allocation: 15,627,200 H Shares (42.5% of Offer Shares, 10.63% of total shares post-IPO).
Cornerstone Investors’ Role: No board representation, no substantial shareholding, parri passu with public, no side arrangements.
Book Quality: Large cornerstone allocation and participation from globally recognized names suggest strong institutional interest and a well-supported book, typically positive for first-day performance.
Subscription Metrics: Final levels by tranche not disclosed; cornerstone tranche fully allocated.

Deal Parties and Offer Structure: Top-Tier Syndicate, Robust Underwriting

Investment Banks/Global Coordinators/Bookrunners/Underwriters/Sponsors:

• Huatai Financial Holdings (Hong Kong) Limited (Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager)
• CLSA Limited
• ABCI Securities Company Limited
• BOCI Asia Limited
• TFI Securities and Futures Limited
• UOB Kay Hian (Hong Kong) Limited
• Futu Securities International (Hong Kong) Limited
• Tiger Brokers (HK) Global Limited

Underwriting Details: Hong Kong Public Offering fully underwritten by Hong Kong Underwriters; International Offering expected to be fully underwritten by International Underwriters.
Stabilization and Over-allotment: Greenshoe option of up to 5,514,800 H Shares (15% of Offer Shares).
Commission: 1.5% fixed fee, discretionary incentive up to 1.0%; total estimated IPO expenses HK\$59.9 million.
Listing-Day Support: Extensive syndicate lineup and full underwriting arrangements suggest solid market support and stability.

Company Overview: Yunnan Jinxun Resources — Business Model and Market Position

Business Model: Engaged in the non-ferrous metals sector, with a focus on resources, mining, and related trading activities.
Revenue Streams: Sales of non-ferrous metals; details on product portfolio and specific monetization not provided.
Customer Segments: Not explicitly disclosed; inferred to be institutional and industrial buyers.
Geographies: Operations primarily in China; additional international exposure via International Offering and cornerstone investors.
Industry Size: Market research commissioned from Frost & Sullivan, indicating a sizable and growing non-ferrous metals market.
Financial Health:

• Multi-period financials included; see table below.
• Unaudited pro forma net tangible assets per Share: HK\$12.03.
• Listing expenses not expected to have material adverse impact on 2025 results.
• No material adverse change in financial position since June 30, 2025.

Competitive Advantages: Substantial cornerstone support, robust capital base, positive market positioning, and compliance with free float requirements.
Management Team: Directors collectively and individually accept full responsibility; names and roles not detailed in disclosed summary.

Sector Trends, IPO Timing, and Market Environment

Sector Trends: Non-ferrous metals industry characterized by strong demand, ongoing market growth, and rapid economic change.
Timing: Offer opens December 31, 2025, closes January 6, 2026, listing expected January 8, 2026.
Macro Environment: Market and sector trends show robust demand drivers, with no material adverse changes or interruptions in business in the 12 months prior.
Recent Developments: No material adverse change in business, industry, market, or regulatory environment to date; all necessary regulatory filings completed.
Frost & Sullivan Report: Commissioned to provide market sizing and industry outlook.
Conclusion: Favorable conditions for listing, supported by institutional commitment and stable fundamentals.

Risk Factors: Quantified Exposures and Strategic Considerations

Key Risks (as disclosed):

• Legal and regulatory risks, including compliance with PRC, Hong Kong, and international sanctions laws.
• Market risks such as commodity price volatility and economic cycle exposure.
• Customer and supplier concentration not specifically disclosed.
• Foreign exchange risk and international exposure, including regulatory approvals in DR Congo and Zambia.
• Potential for material adverse changes mitigated by no such events reported to date.
• IPO-related risks: failure of Global Offering to become unconditional or be terminated will result in refund of application monies.

Growth Strategy: Expansion, Cornerstone Confidence, and Capital Deployment

Use of Proceeds:

• Concrete allocation of net proceeds not detailed, but estimated net proceeds from IPO to be used for working capital, growth, and expansion.
• Listing expenses: HK\$6.1 million charged to profit/loss; HK\$54.1 million to be deducted from equity upon completion.

Expansion:

• Leveraging cornerstone investors’ industry reputation and investment experience to raise company profile.
• No explicit M&A, new product, or market entry plans disclosed.

Ownership and Lock-ups: Shareholder Structure and Restrictions

Pre- and Post-IPO Shareholding:

• Post-IPO: 147,062,243 shares outstanding.
• Controlling Shareholders: Statutory lock-in of Non-H Shares for one year from listing date, including those held by controlling shareholders.
• Cornerstone Investors: No substantial shareholding or board representation; shares count towards public float.

Lock-up Periods:

• Company and promoters: Six months from listing, no further shares or convertible securities to be issued or sold (exceptions for greenshoe).
• Controlling Shareholders: Statutory and Listing Rule-based disposal restrictions up to 12 months post-listing.

Valuation and Peer Comparison

Valuation Metrics: Price-to-book: HK\$12.03 per share (pro forma net tangible assets); Price-to-earnings, EV/EBITDA, ROE, ROA, dividend yield, and peer comparisons not disclosed.
Comparable IPOs/Sector Performance: Not disclosed in prospectus.

Research and Opinions

Analyst Coverage: Frost & Sullivan provided industry report; no explicit price targets or analyst opinions disclosed.

IPO Allotment Result

Final Subscription Outcomes: Not disclosed. Cornerstone tranche fully allocated; public and institutional subscription levels to be announced on January 8, 2026.

Listing Outlook: Subscription Appeal and First-Day Trading Prospects

Subscription Appeal: Strong cornerstone investor participation, robust underwriting syndicate, and favorable sector dynamics suggest high investor confidence.
Likely First-Day Trading Range: Based on the HK\$30.00 offer price, substantial institutional support, and absence of adverse events, a premium listing and positive first-day performance are anticipated.

Prospectus Access

Investors can obtain the full prospectus at www.hkexnews.hk and www.jinxunec.com.

How to Apply

Application Channels: Via White Form eIPO (www.eipo.com.hk), or through HKSCC EIPO channel by instructing your broker or custodian who is a HKSCC Participant to use the FINI system.
Application Window: Opens 9:00 a.m., December 31, 2025; closes 12:00 noon, January 6, 2026.
Eligibility: Applicants must be 18 years or older, have a Hong Kong address (for White Form eIPO), be outside the United States and not a U.S. person, and not a PRC legal/natural person.