IPO News | Jinyan Hi-Tech, a leader in precision casting mullite, passed the Hong Kong Stock Exchange hearing that its mines estimated mineral resources exceed 18 million tons

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on November 17, Anhui Jinyan Kaolin New Materials Co., Ltd. (Jinyan Hi-Tech) passed the Hong Kong Stock Exchange's main board listing hearing, and Guoyuan International and CMBC Capital were co-sponsors.

According to the prospectus, Jinyan Hi-Tech specializes in coal-based kaolin in China and has integration capabilities across the entire value chain from mining, R&D, processing to production and sales. According to data provided by Frost & Sullivan, based on the revenue of China Coal-based Calcined Kaolin Company in 2024, the company ranked fifth with a market share of 5.4%.

As a major producer of calcined kaolin products in China, Jinyan Hi-Tech's business relies on rich and high-quality coal-based kaolin mineral resources. The company's products mainly include mullite materials for precision casting and mullite materials for fire resistance. These products are important materials for precision casting shells and refractory materials. The company also sells raw coking starch, which customers can further process.

With its vertically integrated business model and product quality advantages, Jinyan Hi-Tech has established a stable market position. For the year ended December 31, 2024, and the five months ended 2024 and May 31, 2025, the company produced 117.9 thousand tons, 114.5 thousand tons, 105.6 thousand tons, 46.8 thousand tons and 84.8 thousand tons of mullite materials for fire resistance, respectively, and 5.2 thousand tons, 19.8 thousand tons, 25.7 thousand tons, 10.6 thousand tons and 10.6 thousand tons, respectively.

According to data provided by Frost & Sullivan, in terms of revenue in 2024, Jinyan Hi-Tech is the largest producer of mullite materials for precision casting in China, with a market share of 19.1%. According to the same data source, the market size of mullite materials for precision casting in China is expected to increase from RMB 972 million in 2024 to RMB 1,362 billion in 2029, with a compound annual growth rate of 7.0%, and the market size of mullite materials for fire resistance in China is expected to increase from RMB 5,526 billion in 2024 to RMB 6.431 billion in 2029, with a compound annual growth rate of 3.1%.

Jinyan Hi-Tech's business is supported by rich and high-quality mineral resources. In October 2021, the company signed an asset transfer agreement with Shuoli Mining. Based on this, the company obtained the Shuoli Kaolin Mine. According to an independent technical report, as of May 31, 2025, the total estimated mineral resources of the Shuoli Kaolin mine were about 18,649 thousand tons, of which the proven resources were 2,367 kilotons, the amount of control resources was 8990 kilotons, and the estimated amount of resources was 7,292 thousand tons; the estimated total ore reserves were about 6062 thousand tons, of which the proven reserves were 1093 thousand tons and the trusted reserves were 4,969 thousand tons.

On the financial side, in 2022, 2023, 2024, 2024, and 2025, in the five months ending May 31, Jinyan Hi-Tech achieved revenue of approximately RMB 190 million, RMB 205 million, RMB 267 million, RMB 88,289,000, and RMB 105 million respectively. Total profit and overall revenue for the year/period were RMB 244.23 million, RMB 43.617 million, RMB 52.62 million, and RMB 18.032 million, respectively.