IPO News | Jinxun Resources (03636) closed the IPO and recorded an 89.4 times overpurchase amount of HK$9.95 billion

The Zhitong Finance App learned that the cathode copper manufacturer Jinxun Resources (03636) offered shares from December 31, 2025 to January 6, 2026, and has recently closed its offering. According to market information, Jinxun Resources has received a margin loan of HK$9.95 billion from the brokerage firm. Based on the amount raised in the public sale of HK$110 million, the amount was oversubscribed by 89.4 times.

Jinxun Resources plans to issue 367.66 million H shares, of which the Hong Kong public offering accounts for 10%, the international offering accounts for 90%, and the over-allotment of 15%. The sale price of each share was HK$30, 200 shares per lot, the first-hand entry fee was HK$6060.5, and the capital raised HK$1.1 billion. The company is expected to be listed for sale on January 9, with Huatai International as its sole sponsor.

In this IPO, Jinxun Resources introduced a total of 8 cornerstone investors, a total of 8 cornerstone investors, Glencore AG, Stoneylake Global, North Rock, Huaxia Fund (Hong Kong), New Asia Fuyi, Consortium Group, Zhengxin Group, and Sunwoda Treasury, with a total investment of US$60.2552 million, subscribed for a total of 15.6.272 million shares, accounting for 42.50% of global sales.

According to the prospectus, Jinxun Resources is a leading manufacturer of high-quality cathode copper and has strong influence in the Democratic Republic of the Congo (DRC) and Zambia. According to Frost & Sullivan, as of December 31, 2024, the company ranked fifth among Chinese cathode copper producers in terms of production in the Democratic Republic of the Congo (DRC) and Zambia, and was the only Chinese company in the top five in the two jurisdictions.

Jinxun Resources' core business focuses on developing and supplying high-quality copper resources to meet China's huge copper needs. The company used Africa's rich copper reserves to strategically expand production capacity and achieve deep integration of the entire industrial value chain. The company has established advanced cathode copper smelting business in the Democratic Republic of the Congo (DRC) and Zambia, greatly improving the company's economic efficiency and market position. In addition, taking advantage of the natural combination of copper and cobalt in African ore reserves, the company is actively developing the downstream cobalt-related product production business, enabling it to strategically position itself in the rapidly growing field of new energy materials.

On the financial side, in 2022, 2023, 2024, and for the six months ended 2024 and June 30, 2025, the company's revenue was 637 million yuan (RMB, same below), 676 million yuan, 1.77 billion yuan, 596 million yuan and 964 million yuan respectively. In the same period, net profit of 83.5 million yuan, 29.1 million yuan, 202 million yuan, 93.1 million yuan and 135 million yuan were recorded respectively.

According to the prospectus, Jinxun Resources plans to use about 80% of the net proceeds from the global sale to expand the company's core business; about 10% to repay the company's interest-bearing bank loans; and about 10% for working capital and general corporate purposes.