IPO Pricing | Jinxun Resources debuts today with 143.46 times subscription, priced at HK$30 per share, earning over HK$1,700 per lot in the grey market

Futu News reported on January 9th, $JINXUN RESOURCE (03636.HK)$ Announced the allocation results: priced at HK$30 per share, issuing a total of 36,765,600 shares, with each lot consisting of 200 shares, officially listed today.

In the last trading session, Jinxun Resources closed up 29% in the grey market at HK$38.7 per share, with each lot consisting of 200 shares. Excluding handling fees, one lot earns HK$1,740.

During the public offering phase, Jinxun Resources was subscribed 143.46 times, with the final number of shares offered to the public amounting to 3,676,600 shares, accounting for approximately 10% of the total shares offered. A total of about 64,456 valid applications were received, with 9,037 applications processed. The approximate percentage of allocated shares for one-lot subscribers compared to the total applied shares is 7%.

In addition, during the international placement phase, Jinxun Resources received 12.78 times subscription, with the final number of international placement shares amounting to 33,089,000 shares, accounting for 90% of the total offering shares. Futu Info has compiled the relevant data in the table below:

Company Profile

Jinxun Resources is a leading manufacturer of high-quality cathode copper with a strong presence in the Democratic Republic of the Congo (DRC) and Zambia. According to Frost & Sullivan, as of December 31, 2024, the company ranks fifth among Chinese cathode copper producers operating in the DRC and Zambia and is the only Chinese company within the top five across these two jurisdictions. Specifically, the company produced approximately 16,000 tons of cathode copper in the DRC and 5,000 tons in Zambia in 2024.

The core business of Jinxun Resources focuses on developing and supplying high-quality copper resources to meet China’s substantial copper demand. Leveraging Africa's abundant copper reserves, the company strategically expands its production capacity and achieves deep integration across the entire industrial value chain. Jinxun Resources has established advanced cathode copper smelting operations in the DRC and Zambia, significantly enhancing its economic benefits and market position. Additionally, capitalizing on the natural coexistence of copper and cobalt in African ore deposits, the company is actively developing downstream cobalt-related product manufacturing, positioning itself strategically in the rapidly growing new energy materials sector.

Financial Overview

For the years 2022, 2023, and 2024, as well as the six months ended June 30, 2024, and June 30, 2025, Jinxun Resources reported revenues of RMB 637.3 million, RMB 675.7 million, RMB 1,769.8 million, RMB 596.0 million, and RMB 963.8 million, respectively. The company’s net profits for the same periods were RMB 83.5 million, RMB 29.1 million, RMB 202.4 million, RMB 93.1 million, and RMB 135.0 million, respectively.

Use of Proceeds

Regarding the use of proceeds, Jinxun Resources expects to raise approximately HK$1.043 billion from the global offering (based on an offer price of HK$30). According to the prospectus, Jinxun Resources intends to use the proceeds from the global offering for the following purposes:

Approximately 80% will be used to expand the company's core business; approximately 10% will be allocated to repay certain interest-bearing bank loans utilized as working capital; and approximately 10% will be reserved for working capital and general corporate purposes.

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Editor/Joe

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