Since last year, the global mining industry has reached a historic turning point. Driven by the global energy transition and the explosion in AI demand, the prices of rare metals have continued to rise.

Accompanying the rise in mineral resource prices, the share price of the sub-new stock Jiaxin International Resources (03858.HK), which listed last year, has achieved a cumulative gain of more than 12 times since its IPO. As of the close on March 11, 2026, the company's share price continued to push higher, hitting an intraday peak of HK$176.2 before finally closing at HK$151.5, an increase of 0.87%.

 Owning the World's Largest Tungsten Trioxide Resource; Gains Over 12x Since Listing

Public records show that Jiaxin International Resources was founded in 2014. It is a tungsten mining company rooted in Kazakhstan, focusing on the development of the company’s Bakuta Tungsten Mine.

NewTimeSpace understands that the Bakuta Tungsten Mine is the absolute core business of Jiaxin International Resources. According to data from Frost & Sullivan, as of December 31, 2024, the Bakuta Tungsten Mine is the world's largest open-pit tungsten mine in terms of tungsten trioxide ($WO_3$) mineral resources. It also ranks as the world's fourth-largest tungsten mine overall by $WO_3$ mineral resources (including both open-pit and underground mines) and possesses the world's largest designed tungsten concentrate production capacity for a single tungsten mine.

Relying on this high-quality resource, the company occupies a significant position within the industry. It was also on the strength of this resource that the company successfully entered the capital markets.

Turning back to August 28, 2025, Jiaxin International Resources successfully listed on the Main Board of the Stock Exchange of Hong Kong (HKEX) and the Astana International Exchange (AIX) in Kazakhstan.

It is understood that in its global offering, Jiaxin International Resources issued 109,808,800 shares, representing 25% of the total shares after the offering. The offer price was HK$10.92 per share, with total proceeds of approximately HK$1.199 billion and net proceeds of approximately HK$1.088 billion.

As a resource enterprise, Jiaxin International Resources was favored by capital during its subscription period. At that time, the public offering portion was oversubscribed by 2,041.62 times, and the international offering portion was oversubscribed by 21.11 times. Furthermore, five cornerstone investors were introduced, collectively subscribing to 54,904,400 shares (approximately US$76.38 million), representing about 12.50% of the total shares after the completion of the global offering.

As the first Chinese tungsten mining enterprise to simultaneously list on two capital markets, Jiaxin International Resources saw its share price soar to HK$25.54 during the early session of its debut day. This represented a surge of 133.88% from the offer price of HK$10.92, with its total market capitalization surpassing HK$11.2 billion, setting a record for the highest first-day gain for a Hong Kong mining IPO that year.

As of the close on March 11, 2026, Jiaxin International Resources was quoted at HK$151.5. Since its listing, the company's share price has achieved a cumulative gain of 1,287.36%, with a market capitalization reaching HK$69.04 billion.

Phase I Operations Turn Profitable; Tungsten Prices Continue to Soar

The continuous surge in the share price of Jiaxin International Resources is directly related to the mineral assets it holds.

NewTimeSpace has learned from Chinatungsten Online data that as of March 10, calculated in RMB per ton, tungsten concentrate prices have crossed the million-yuan threshold. Ammonium paratungstate (APT) prices have risen to the 1.45 million yuan level, and tungsten powder prices have touched a high of 2.3 million yuan. Overall, tungsten prices have risen by more than 110% since the start of 2026 and have seen a cumulative increase of approximately 600% since early 2025.

Additionally, as of March 9, Jiaxin International Resources was officially included in the Stock Connect list, which serves as a major positive for the company. The company's investor base will be significantly broadened, and the entry of mainland capital is expected to continuously enhance stock liquidity and trading activity.

In early February 2025, Jiaxin International Resources also issued a positive profit alert, expecting the net profit attributable to equity holders for 2025 to be approximately HK$300 million to HK$340 million, representing a year-on-year turnaround from loss to profit. Following the commencement of commercial production in April 2025 and the recording of revenue for the first time, the company began generating profit and turned its performance around last year.

NewTimeSpace understands that in April 2025, Phase I of Jiaxin International Resources' project (with an annual processing capacity of 3.3 million tons of ore) officially entered commercial production. In the first half-year following the start of operations, it achieved revenue of HK$126 million, and the net loss narrowed to HK$6.989 million, a significant improvement compared to previous average annual losses of over HK$80 million.

Following Phase I, the company's Phase II project is scheduled to commence production in the first quarter of 2027, increasing ore processing capacity to 4.95 million tons per year. Tungsten concentrate output is expected to reach 13,700 tons, raising its share of global supply to approximately 13%.

First Shanghai Securities pointed out in a research report in early January that the company is at a crucial value-release inflection point, sitting on world-class core assets with a resource endowment that lays the cornerstone for long-term growth. The company is a rare "pure tungsten" mining target in the market, and its share price at that time possessed a very high margin of safety and attraction. The firm predicted the company's net profit attributable to the parent for 2025–2027 to be HK$440 million, HK$1.88 billion, and HK$3.38 billion, respectively. They gave the company a 12-month target price of HK$82.4, corresponding to a 20x P/E for 2026, representing a 76% upside from the then-current price.

Based on the results announced by Jiaxin International Resources, while the 2025 net profit fell short of that brokerage's forecast, the stock price gain has been far higher.

Industry Enters Strategic Window; Tungsten Prices Face Risk of Peak Pullback

NewTimeSpace understands that since 2025, as geopolitical tensions have continued to intensify, various nations have evolved into a struggle for control over critical mineral supply chains. A McKinsey report noted that resource nationalism is reshaping global supply chains, with more than half of critical minerals facing new export restrictions.

As the world's dominant supplier of tungsten resources, China implements dual regulation via "total mining volume control + export control of strategic items." In February 2025, the Ministry of Commerce and the General Administration of Customs implemented export controls on tungsten-related items such as ammonium paratungstate. In January 2026, the Ministry of Commerce further strengthened export controls on dual-use items, directly impacting global supply chain security expectations and driving accelerated strategic stockpiling overseas.

While export controls impose limits, the demand side has formed strong support. Jianghai Securities pointed out in a research report that in the photovoltaic (PV) field, tungsten wire has fully entered an explosive stage of large-scale application. As of 2025, the market penetration rate of tungsten diamond wire in the silicon wafer cutting segment has surpassed 60%. In 2026, global newly installed heterojunction (HJT) capacity is expected to reach 80GW, directly driving new tungsten demand of approximately 6,400 tons.

Furthermore, orders from the military-industrial, semiconductor, and high-end manufacturing sectors provide rigid support. Galaxy Securities noted that U.S. military actions against Iran will further trigger growth in military expenditures across various countries and the replenishment of weaponry and equipment, creating new demand for upstream metal raw materials such as tungsten, molybdenum, and germanium used in the defense sector.

As the strategic attribute of tungsten is being unprecedentedly reinforced in the current international landscape, CICC noted that against the backdrop of continuous overseas geopolitical conflicts, strategic stockpiling demand is expected to commence.

From the beginning of 2026 to date, the pricing logic for global strategic mineral resources is being reconstructed. Capital has flowed with high consistency into rare varieties characterized by "restricted supply and rigid demand," such as tungsten, uranium, and rare earths.

Driven by multiple favorable factors, the share price of Jiaxin International Resources has continued to climb. Although the market has very high expectations for the company's 2026 performance, it must be recognized that the company has only just achieved commercialization. Furthermore, its mining operations are currently concentrated on the Bakuta Tungsten Mine project in Kazakhstan; the business relies on a single mining project, and its performance foundation remains relatively thin.

Moreover, after the continuous and substantial rise in tungsten prices, periodic volatility has intensified, and downstream cost transmission has already become difficult. Industry insiders pointed out that the industry currently faces four major constraints, with the risk of a price pullback after hitting a high being the most prominent.

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