IPO Timeline
Broker Deadline
2025-12-16
Morning deadline
HKEX Deadline
2025-12-16
Noon deadline
Broker Results (T-2)
2025-12-17
Some brokers release in afternoon
Grey Market (T-1)
2025-12-18
Afternoon
HKEX Allotment (T-1)
2025-12-18
Evening
Registrar Allotment (T-1)
2025-12-18
Evening
Listing Day (T)
2025-12-19
First day of trading
Company Overview
| Stock Name | 智汇矿业 |
|---|---|
| Stock Code | 02546 |
| Company Full Name | 智汇矿业 |
| Industry | Materials |
| Principal Activities | 我们是一家矿业公司，专注于我们在中国西藏的锌、铅及铜的探矿、采矿、精矿生产及销售业务。 |
| 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 | 卓佳证券登记有限公司 (Tricor 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 | To be extracted |
| Entry Threshold | To be extracted |
| 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) | To be extracted |
| 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 | 0% |
| Clawback Tiers | 机制B-无回补 |
| 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 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 2,200,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不适用（公司处于亏损状态） |
| Profit/Loss Status | 盈利约人民币55.9百万元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 53,800,000 |
| Listing Expenses / Funds Raised | ~9.78% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| 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
| 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
Joint Sponsors (2)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
Sponsor cum Overall Coordinator (1)
迈时资本有限公司 CE BNO600
Overall Coordinators (2)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
Joint Global Coordinators (2)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
Joint Bookrunners (10)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
农银国际融资有限公司 CE AWL249
建银国际金融有限公司 CE AJO225
民银证券有限公司 CE APU820
招银国际融资有限公司 CE AVM940
结好证券有限公司 CE AAA847
华安证券（香港）经纪有限公司 CE BRG799
工银国际证券有限公司 CE ARO299
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (16)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
民银证券有限公司 CE APU820
招银国际融资有限公司 CE AVM940
结好证券有限公司 CE AAA847
华安证券（香港）经纪有限公司 CE BRG799
工银国际证券有限公司 CE ARO299
老虎证券（香港）环球有限公司 CE BMU940
富中证券有限公司 CE ASS782
宝新证券有限公司 CE AEZ062
华业证券有限公司 CE ADJ832
力高证券有限公司 CE BIE918
未来金融有限公司 CE BOG353
浦银国际融资有限公司 CE BFZ375
Capital Market Intermediaries (17)
国金证券（香港）有限公司 CE AAI195
迈时资本有限公司 CE BNO600
农银国际融资有限公司 CE AWL249
农银国际证券有限公司 CE ACX411
建银国际金融有限公司 CE AJO225
民银证券有限公司 CE APU820
招银国际融资有限公司 CE AVM940
结好证券有限公司 CE AAA847
华安证券（香港）经纪有限公司 CE BRG799
工银国际证券有限公司 CE ARO299
老虎证券（香港）环球有限公司 CE BMU940
富中证券有限公司 CE ASS782
宝新证券有限公司 CE AEZ062
华业证券有限公司 CE ADJ832
力高证券有限公司 CE BIE918
未来金融有限公司 CE BOG353
浦银国际融资有限公司 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 | 斯派柯国际有限公司 | — | — | — | — | 6 months | 2026-06-19 |
| 2 | GIGA Industries Limited | — | — | — | — | 6 months | 2026-06-19 |
| 3 | 园投资有限公司 | — | — | — | — | 6 months | 2026-06-19 |
| 4 | 为大湾区共同家园发展基金有限合伙 | — | — | — | — | 6 months | 2026-06-19 |
Directors & Management
| Chairman | 何前 |
|---|---|
| Company Secretary | 李順 |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 何前 | — | 執行董事 |
非執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 范秀莲 | — | 非執行董事 |
| 2 | 吕喜军 | — | 非執行董事 |
| 3 | 拉巴次仁 | — | 非執行董事 |
| 4 | 斯郎旺堆 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 叶辉 | — | 獨立非執行董事 |
| 2 | 杨晓燕 | — | 獨立非執行董事 |
| 3 | 董黎君 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | 控股股东为范秀莲女士、吕喜军先生及何前女士，通过西藏盛源、西藏智峰及智辉合伙企业分别持有本公司33.21%、40.59%及1.20%的股份，合计约75%。 |
|---|
AI
AI Analysis
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.
Offering Structure
Subscription Tiers
IPO Timeline
