IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Zhihui Mining |
|---|---|
| Stock Code | 02546 |
| Company Full Name | Xizang Zhihui Mining Co., Ltd. |
| Industry | Materials |
| Principal Activities | We are a mining company focused on our exploration, mining, concentrate production and sales of zinc, lead and copper in Tibet, China. |
| Listing Date | 2025-12-19 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 西藏那曲市色尼區通站西路2號2棟 |
| Business Address (Hong Kong) | 香港九龍尖沙咀天文臺道8號9樓903A-905室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | zhihuimining.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 4.51 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 1,000 shares |
| Entry Threshold | HK$ 4,510 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2025-12-11 to 2025-12-16 |
| Global Offering Shares | 121,952,000 shares |
| HK Public Offer Shares (Initial) | 12,196,000 shares (10.0%) |
| Public Offer Lots (Initial) | 12,196lots (Pool A6,098lots，Pool B6,098lots) |
| International Placing Shares (Initial) | 109,756,000 shares (90.0%) |
| Offer Ratio | ~25.0% |
| Total Shares Post-IPO | 487,805,659 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 40.8% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 550,003,520 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 1,000 | HK$ 4,510 |
| 2 lots | 2,000 | HK$ 9,020 |
| 3 lots | 3,000 | HK$ 13,530 |
| 4 lots | 4,000 | HK$ 18,040 |
| 5 lots | 5,000 | HK$ 22,550 |
| 6 lots | 6,000 | HK$ 27,060 |
| 7 lots | 7,000 | HK$ 31,570 |
| 8 lots | 8,000 | HK$ 36,080 |
| 9 lots | 9,000 | HK$ 40,590 |
| 10 lots | 10,000 | HK$ 45,100 |
| 15 lots | 15,000 | HK$ 67,650 |
| 20 lots | 20,000 | HK$ 90,200 |
| 25 lots | 25,000 | HK$ 112,750 |
| 30 lots | 30,000 | HK$ 135,300 |
| 35 lots | 35,000 | HK$ 157,850 |
| 40 lots | 40,000 | HK$ 180,400 |
| 45 lots | 45,000 | HK$ 202,950 |
| 50 lots | 50,000 | HK$ 225,500 |
| 60 lots | 60,000 | HK$ 270,600 |
| 70 lots | 70,000 | HK$ 315,700 |
| 80 lots | 80,000 | HK$ 360,800 |
| 90 lots | 90,000 | HK$ 405,900 |
| 100 lots | 100,000 | HK$ 451,000 |
| 200 lots | 200,000 | HK$ 902,000 |
| 300 lots | 300,000 | HK$ 1,353,000 |
| 400 lots | 400,000 | HK$ 1,804,000 |
| 500 lots | 500,000 | HK$ 2,255,000 |
| 600 lots | 600,000 | HK$ 2,706,000 |
| 700 lots | 700,000 | HK$ 3,157,000 |
| 800 lots | 800,000 | HK$ 3,608,000 |
| 900 lots | 900,000 | HK$ 4,059,000 |
| 1,000 lots | 1,000,000 | HK$ 4,510,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 1,500,000 | HK$ 6,765,000 |
| 2,000 lots | 2,000,000 | HK$ 9,020,000 |
| 2,500 lots | 2,500,000 | HK$ 11,275,000 |
| 3,000 lots | 3,000,000 | HK$ 13,530,000 |
| 3,500 lots | 3,500,000 | HK$ 15,785,000 |
| 4,000 lots | 4,000,000 | HK$ 18,040,000 |
| 5,000 lots | 5,000,000 | HK$ 22,550,000 |
| 6,098 lots | 6,098,000 | HK$ 27,501,980 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 8.09B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap below threshold, need +17% |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 2,200,000,000 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 550,003,520 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit RMB 55.9 million |
| Period-End Cash Balance | RMB 98.69 million |
| Listing Expenses | ~HK$ 53,800,000 |
| Listing Expenses / Funds Raised | ~10.3% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 8.6 |
|---|---|
| First Day Open | HK$ 10.8 |
| First Day Change | 90.69% |
| First Day Volume | 30390200.0 |
| First Day Turnover | 295547000.0 |
| Use of Proceeds | 1、約137.5百萬港元（相當于約人民幣125.0百萬元），占全球發售所得款項凈額約29.2%，將用于全面提升采礦能力；
2、約110.0百萬港元（相當于約人民幣100.0百萬元），占全球發售所得款項凈額約23.4%，將用于增加我們在西藏采礦權范圍內的探礦投資；
3、約88.0百萬港元（相當于約人民幣80.0百萬元），占全球發售所得款項凈額約18.7%，將用于提升選礦生產能力及優化精礦生產能力；
4、約66.0百萬港元（相當于約人民幣60.0百萬元），占全球發售所得款項凈額14.0%，將用于投資及收購具有增長潛力的資產；
5、約36.1百萬港元（相當于約人民幣32.8百萬元），占全球發售所得款項凈額約7.7%，將于2030年之前用作營運資金及其他一般企業用途；
6、約33.0百萬港元（相當于約人民幣30.0百萬元），（占全球發售所得款項凈額約7.0%），將于2026年之前用作償還銀行貸款。 |
Underwriting Syndicate
Sponsor cum Overall Coordinator (1)
迈时资本有限公司 CE BNO600
Overall Coordinators (2)
Joint Global Coordinators (2)
Joint Bookrunners (10)
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
迈时资本有限公司 CE BNO600
ABCI CAPITAL LIMITED CE AWL249
建银国际金融有限公司 CE AJO225
CMBC SECURITIES COMPANY LIMITED CE APU820
CMB International Capital Limited CE AVM940
GET NICE SECURITIES LIMITED CE AAA847
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Joint Lead Managers (16)
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
迈时资本有限公司 CE BNO600
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
CMBC SECURITIES COMPANY LIMITED CE APU820
CMB International Capital Limited CE AVM940
GET NICE SECURITIES LIMITED CE AAA847
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
China Venture Fortune Securities Limited CE ASS782
Glory Sun Securities Limited CE AEZ062
China Enterprise Securities Company Limited CE ADJ832
Lego Securities Limited CE BIE918
Mont Avenir Capital Limited CE BOG353
SPDB International Capital Limited CE BFZ375
Capital Market Intermediaries (17)
SINOLINK SECURITIES (HONG KONG) COMPANY LIMITED CE AAI195
迈时资本有限公司 CE BNO600
ABCI CAPITAL LIMITED CE AWL249
ABCI Securities Company Limited CE ACX411
建银国际金融有限公司 CE AJO225
CMBC SECURITIES COMPANY LIMITED CE APU820
CMB International Capital Limited CE AVM940
GET NICE SECURITIES LIMITED CE AAA847
Huaan Securities (Hong Kong) Brokerage Limited CE BRG799
ICBC INTERNATIONAL SECURITIES LIMITED CE ARO299
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
China Venture Fortune Securities Limited CE ASS782
Glory Sun Securities Limited CE AEZ062
China Enterprise Securities Company Limited CE ADJ832
Lego Securities Limited CE BIE918
Mont Avenir Capital Limited CE BOG353
SPDB International Capital Limited CE BFZ375
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
亚司特律师事务所 德恒律师事务所 |
| Auditor and Reporting Accountant | 德勤 • 关黄陈方会计师行 |
| Compliance Advisor | 迈时资本有限公司 CE BNO600 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 斯派柯 | 144 HKD | 32,000,000 | 26.24% | 6.56% | 6 months | 2026-06-19 |
| 2 | GIGA Industries | 50 HKD | 11,086,000 | 9.09% | 2.27% | 6 months | 2026-06-19 |
| 3 | Poly Platinum | 30 HKD | 6,651,000 | 5.45% | 1.36% | 6 months | 2026-06-19 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman / Executive Director | 何前 | He Qian |
| Company Secretary | 李順 | — |
| Non-Executive Director | 范秀莲 | Fan Xiulian |
| Independent Non-Executive Director | 叶辉 | Ye Hui |
| Non-Executive Director | 吕喜军 | Lv Xijun |
| Independent Non-Executive Director | 杨晓燕 | Yang Xiaoyan |
| Non-Executive Director | 拉巴次仁 | Lhakpa Tsering |
| Independent Non-Executive Director | 董黎君 | Dong Lijun |
| Non-Executive Director | 斯郎旺堆 | Silang Wangdui |
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholders are Ms. Fan Xiulian, Mr. Lü Xijun and Ms. He Qian, who, through Xizang Shengyuan, Xizang Zhifeng and Zhihui Partnership Enterprise, respectively hold 33.21%, 40.59% and 1.20% of the shares of the Company, representing approximately 75% in aggregate. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The 5248x oversubscription ratio signals extreme market enthusiasm, with only 6.87% of the 177,542 applications successful. The exceptionally low hit rate reflects intense competition for limited shares, far exceeding typical IPO demand levels. This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.
Tier Analysis
The A-tail expected allocation of 0.2683 lots is almost identical to the B-head's 0.27 lots, despite B-head requiring 50% more applied lots (1.5M vs 1M). This negligible extra benefit makes the jump to B-head highly inefficient under the no-clawback Mechanism B, as the additional interest cost yields no meaningful allocation improvement. This is AI-generated commentary based on historical data. Broker fee structures vary and actual costs may differ. Not financial advice.
Demographics
No demographic data is available for this IPO, with zero values reported for total holders, mainland, and HK percentages. The absence of such breakdowns prevents analysis of participation patterns by region or investor type. This is AI-generated commentary based on historical data. Data may contain errors or omissions from source documents — verify against official HKEX filings. Not financial advice.
