Jiaxin International Resources, a tungsten mining company, surged 110.62% in Hong Kong's grey market trading.

The company is scheduled to list on August 28, with CICC serving as the sole sponsor.

According to the prospectus, JIAXIN INTL RES is a tungsten mining company based in Kazakhstan, focusing on developing the group's Bakutu tungsten mine project. According to Frost & Sullivan data, as of December 31, 2024, this represents the world's largest tungsten trioxide (WO3) mineral resource deposit for open-pit tungsten mining. Based on Frost & Sullivan information, as of December 31, 2024, the group's Bakutu tungsten mine also ranks as the world's fourth-largest WO3 mineral resource tungsten mine (including both open-pit and underground tungsten mines), possessing the world's largest designed tungsten mining capacity within a single tungsten mine.

During the track record period, the group primarily focused on preparing the Bakutu tungsten mine project for commercial production. The Bakutu tungsten mine project commenced Phase I commercial production in April 2025, with a target annual mining and mineral processing capacity of 3.3 million tons of tungsten ore for 2025.

Financial data shows that the group recorded net losses of HK$94.5 million, HK$80.1 million, HK$177 million, and HK$7 million for the years ended December 31, 2022, 2023, and 2024, and for the six months ended June 30, 2025, respectively. The Bakutu tungsten mine project began Phase I commercial production in April 2025, and the group started generating revenue during the six months ended June 30, 2025.