Company Name: Yunnan Jinxun Resources Co., Ltd.

Date of Prospectus: December 31, 2025

Yunnan Jinxun Resources IPO: High Demand, Strategic Investors, and Market Positioning Signal Robust Debut

Yunnan Jinxun Resources Co., Ltd. launches its Hong Kong IPO (Stock Code: 3636), attracting strong investor interest and cornerstone support. This comprehensive analysis covers the IPO’s structure, investor participation, financial metrics, business overview, risk factors, growth strategy, and listing outlook—delivering actionable insights for market participants seeking growth opportunities in the resources sector.

IPO Snapshot

Key facts and figures for Yunnan Jinxun Resources Co., Ltd.’s Hong Kong IPO:

• IPO Symbol: 3636
• Offer Price: HK\$30.00 per H Share
• Total Offer Size: 36,765,600 H Shares
• Number of Hong Kong Offer Shares: 3,676,600 H Shares
• Number of International Offer Shares: 33,089,000 H Shares
• Post-IPO Outstanding Shares (pre-Over-allotment): 147,062,243
• Minimum Trading Lot: 200 Shares
• Listing Date: January 9, 2026

Use of Proceeds: The net proceeds of HK\$1,042.60 million are earmarked for purposes detailed in the offering documents, suggesting a growth-driven strategy [[4]].

Oversubscription Metrics

Investor demand reached exceptional levels:

• Hong Kong Public Offering: 143.46x subscribed (64,456 valid applications for 3,676,600 H Shares)
• International Offering: 12.78x subscribed (96 placees for 33,089,000 H Shares)
• No claw-back triggered in the Hong Kong Public Offering [[4]][[5]].

Placement and Issuance Breakdown

Allocation of shares by investor category:

• Hong Kong Public Offer: 10.00% of Offer Shares
• International Offer: 90.00% of Offer Shares
• Cornerstone Investors: 15,627,200 H Shares (42.5% of Offer Shares, 10.63% of total issued share capital post-IPO)

Notable allocation concentration: Top 10 shareholders will hold 72.25% of H Shares upon listing, indicating a high degree of investor confidence yet potential volatility from concentrated holdings [[12]].

Investor Participation and Book Quality

Strong anchor and institutional investor participation underpins the offering:

• Cornerstone investors include: Glencore International AG (largest allocation), Stoneylake Global Alpha Fund, NR 1 SP, China Asset Management (Hong Kong) Limited, and others
• Cornerstone and institutional allocations account for 42.5% of Offer Shares
• No pre-listing disposals by major shareholders noted
• Book quality is robust, evidenced by oversubscription ratios and anchor support, suggesting strong first-day performance potential [[6]][[12]].

Deal Parties and Structure

Leading investment banks and coordinators involved in the transaction:

• Sole Sponsor, Overall Coordinator, Joint Global Coordinator, Joint Bookrunner, Joint Lead Manager: Huatai Financial Holdings (Hong Kong) Limited
• Other Joint Bookrunners/Lead Managers: CITIC Securities, CLSA, ABCI Capital, ABCI Securities Company Limited, China Asset Management (Hong Kong) Limited
• Stabilization/Over-allotment Option (Greenshoe): Up to 5,514,800 shares over-allocated, may be covered by secondary market purchases or exercise of the Over-allotment Option (announcement to follow if exercised); stabilization manager is Huatai Financial Holdings (Hong Kong) Limited; stabilization period until February 5, 2026 [[3]][[4]].

Inferred: The mix of reputable banks and a robust stabilization framework likely supports orderly listing-day performance.

Company Overview

Yunnan Jinxun Resources Co., Ltd. operates as a joint stock company incorporated in the People’s Republic of China, offering exposure to the resources sector. The company’s primary business model, key revenue streams, products, customer segments, and geographic focus are not explicitly described in the announcement, but the sector positioning suggests significant exposure to commodities and resources trading or extraction. The company is poised for growth, as evidenced by the targeted use of IPO proceeds and anchor investor interest.

Financial Health

IPO proceeds and allocation summary:

Financial metrics such as revenue, profit, margins, capex, and working capital are not tabulated in the announcement. Investors should review the full offering document for deeper financial analysis.

Market Position and Competitive Advantages

Cornerstone investor participation and international placement reflect strong market confidence in Yunnan Jinxun Resources’ sector positioning. The presence of major institutional investors and a high subscription ratio indicate competitive strengths and anticipated market leadership.

Management Team: Mr. Yuan Rong (Chairman, Executive Director, Chief Executive Officer), Ms. Yuan Mei, Mr. Yang Yongchang (Executive Directors), Ms. Zheng Dongyu, Mr. Xia Hongying, Mr. Wong Hok Bun Mario (Independent Non-Executive Directors) [[22]].

Trends, Timing, and Environment

Sector and macro conditions:

• IPO offer period and listing date: Offer closes January 8, 2026; trading commences January 9, 2026
• Strong demand drivers: High institutional interest, robust sector outlook inferred from anchor allocations
• Economic environment: Not detailed, but the successful subscription and cornerstone support suggest favorable market conditions for the IPO

Prospectus Deep Dive

Key risk factors:

• High shareholding concentration: A small number of H Shareholders control a substantial portion of issued shares, which may cause price volatility with limited trades [[3]].
• Lock-up undertakings: Controlling shareholders and certain existing shareholders subject to 12-month lock-up until January 8, 2027; cornerstone investors have lock-ups ranging from 6 to 36 months, with Glencore International AG agreeing to a 36-month restriction [[9]][[11]].
• Regulatory and market risks: Subject to Hong Kong Listing Rules, Securities and Futures Ordinance, and stabilization rules [[1]][[4]].
• Placement to connected clients: Allocations made to entities within the sponsor groups for hedging and investment management purposes, all with regulatory consent and transparency [[8]][[17]].

Growth Strategy

Use of net proceeds is growth-driven, targeted for business expansion as specified in the offering document. The allocation to cornerstone investors and institutional backing further signals expansion plans and sector leadership ambitions.

Ownership and Lock-ups

Pre- and post-IPO shareholding structure and lock-up periods:

Valuation and Peer Comparison

No peer financial ratios or sector comparables disclosed in the announcement. Investors should consult the full offering document for any comparative valuation metrics.

IPO Allotment Result

Final subscription outcomes:

• Hong Kong Public Offering: 143.46x subscribed, 3,676,600 H Shares allotted
• International Offering: 12.78x subscribed, 33,089,000 H Shares allotted
• Overall allocation concentrated among institutional and cornerstone investors

Implication: The strong oversubscription and anchor allocation indicate a high likelihood of robust listing day performance and active secondary market trading [[14]][[15]].

Listing Outlook

Based strictly on disclosed facts:

• Oversubscription levels and cornerstone participation strongly suggest high first-day demand and possible price appreciation above the offer price
• Shareholder concentration may contribute to volatility, but lock-up arrangements and institutional support provide stability
• Estimated first-day trading range is expected to be above the offer price, supported by robust book quality and stabilized allocation
• IPO appears attractive for subscription given demand and investor mix

Prospectus Access

Prospectus and allotment results are available at: www.eipo.com.hk/eIPOAllotment

How to Apply

Application channels: Investors may apply through brokers, banks, or e-IPO platforms. For full instructions and eligibility criteria, refer to www.eipo.com.hk/eIPOAllotment.