New stock news | Inner Mongolia Xingye Silver&Tin Mining (000426.SZ) submitted documents to the Hong Kong Stock Exchange, becoming the largest silver company in Asia.

According to the disclosure of the Hong Kong Stock Exchange on May 25th, Inner Mongolia Xingye Silver&Tin Mining Co., Ltd. (referred to as Inner Mongolia Xingye Silver&Tin Mining, 000426.SZ) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. With successful external mergers and acquisitions and continuous, orderly internal growth, according to Frost Sullivan's data, based on the amount of silver and tin resources, Inner Mongolia Xingye Silver&Tin Mining has become the largest silver enterprise in Asia and the second largest tin mining enterprise in China. Company Introduction According to the prospectus, Inner Mongolia Xingye Silver&Tin Mining is a globally leading silver-tin polymetallic mining enterprise, which has been focusing on the exploration, selection, and sales of non-ferrous metals since its establishment 35 years ago. Adhering to the resource strategy of "deepening silver and tin, expanding copper and gold, and global layout," its main operating ores cover diverse types of resources including silver, tin, zinc, lead, copper, antimony, gold, and iron. The company's A shares were listed on the Shenzhen Stock Exchange on August 28, 1996. Inner Mongolia Xingye Silver&Tin Mining is headquartered in Chifeng City, Inner Mongolia Autonomous Region, known as the "hometown of non-ferrous metals in China." The company's main mines are located in Inner Mongolia Autonomous Region, which boasts superior mineralization conditions and abundant mineral resources, giving the company a unique geographical advantage and establishing its resource barriers. At the same time, Inner Mongolia Xingye Silver&Tin Mining is expanding its layout in the "Tibet-Xinjiang-Yungui" mining new division, and actively planning overseas mineral resource development areas such as Morocco and Indonesia through acquisitions. As of the last feasible date, the company has 12 mining subsidiaries engaged in exploration and selection operations, with eight mining companies in production, namely Yinman Mining, Yubang Mining, Ganjinda Mining, Rongguan Mining, Xilin Mining, Rongbang Mining, Ruineng Mining, and Bosheng Mining. In addition, Atlantic China Welding Consumables, Inc.'s tin business is currently under construction, Tanghe Times Mining is in a suspended construction phase, Yunnan Xigui, and Yitong Mining are in the exploration phase. In addition, the company holds about 19.99% equity in Far East Gold Co., Ltd. Through continuous resource development and acquisitions, as well as operational efficiency improvement, the company has established a leading position in the global silver and tin industry and achieved strong growth records. The company currently has mineral resources of approximately 656.1 million tons, including silver metal resources of 33.6 thousand tons, ranking first in Asia and seventh globally, and tin metal resources of 444.6 thousand tons, ranking second domestically. Only two of the world's top ten silver mines are located in China, both of which are subsidiary mines of the company. Meanwhile, the company is increasing its layout of polymetallic varieties, including zinc, iron, copper, lead, gold, antimony, and other mineral resources, forming a diversified product portfolio to effectively mitigate the risks of single metal price fluctuations. The company continues to promote technological innovation and application in exploration. Inner Mongolia Xingye Silver&Tin Mining continues to deepen its understanding of mineralization systems in mining areas through comprehensive geological research, 3D geological modeling, and the application of comprehensive geophysical methods, and actively applies a variety of advanced exploration technologies, including low-altitude unmanned aerial magnetometry technology and three-dimensional induced polarization technology, achieving success in multiple mining areas. Inner Mongolia Xingye Silver&Tin Mining has formulated a clear future expansion plan, bringing high certainty for the company's production capacity to multiply. Currently, the company's overall production capacity is 6.27 million tons per year, and it is expected to reach 15.54 million tons per year by 2030, about 2.5 times the current level. It is estimated that the average annual production of silver metal from 2030 to 2035 will reach 692.1 tons, an increase of 129.9% compared to 301.0 tons in 2025, and the average annual production of tin metal from 2030 to 2035 will reach 8.9 thousand tons, an increase of 32.5% compared to 6.7 thousand tons in 2025. Financial information Revenue In the fiscal years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 3.706 billion, RMB 4.27 billion, and RMB 5.555 billion, respectively. Gross profit and gross profit margin In the fiscal years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 1.74 billion, RMB 2.43 billion, and RMB 2.864 billion, with corresponding gross profit margins of 47.0%, 56.9%, and 51.6%, respectively. Annual profit In the fiscal years 2023, 2024, and 2025, the company recorded annual profits of approximately RMB 951 million, RMB 1.5 billion, and RMB 1.708 billion, respectively. Industry Overview The data on the global and Chinese main non-ferrous metal static reserve-production ratios in 2025 show a significant differentiation in the degree of resource security among different varieties. Compared to basic metals such as aluminum and copper, which have abundant reserves and longer guarantee periods, the global reserve-production ratios of zinc, antimony, tin, and silver are all around 20 years, with relatively short resource survival periods and prominent scarcity characteristics. Domestically, the reserve-production ratios of silver, tin, and zinc in China are lower than the global average, which is directly related to China's high intensity of resource development and utilization as a major producer and consumer of these metals, further highlighting the resource scarcity and continuous supply guarantee pressure faced by China in silver, tin, and zinc, among other varieties. Currently, both the global and Chinese silver, tin, and zinc markets show a pattern where demand continues to exceed supply. Supported by steady growth in demand in sectors such as new energy, electronics, and manufacturing, combined with factors such as long mining development cycles, limited supply elasticity, resource constraints, and stricter environmental controls, the supply of silver, tin, and zinc metals lacks elasticity, providing solid support for prices due to supply-demand gaps, with a promising market development outlook. Over 70% of global silver production comes from associated ores such as copper, lead, and zinc. From 2021 to 2025, global silver production increased from 25.8 thousand tons to 26.0 thousand tons, and is expected to further increase to 27.3 thousand tons by 2030. Global production growth is relatively slow, primarily due to declining silver ore grades, rising mining costs, and the long lead time for new large-scale mining projects to enter production. Additionally, as silver is mostly found in copper, lead, and zinc ores, the elasticity of production is weaker, leading to an overall tight supply situation. Future production increases will mainly rely on steady expansion of main metal capacities and gradual development of high-quality silver mining projects. From 2021 to 2025, China's silver production decreased slightly from 3.5 thousand tons to 3.4 thousand tons, and is expected to rebound to 3.7 thousand tons by 2030. The slight decline in production from 2021 to 2025 is primarily due to stricter ecological and environmental controls domestically, depletion of resources in some old mines, and orderly exit of small and medium-sized mines; a steady increase in production from 2025 to 2030 is expected, driven by deep-sea mining and advances in green extraction technologies, stable development of lead, zinc, copper, and other main metal industries, which will boost silver production from by-product output, as well as strategic mineral resource policies promoting resource utilization efficiency. From the first quarter of 2021 to the fourth quarter of 2025, driven by continued global silver supply shortages, rapid growth in demand from the photovoltaic and new energy vehicle industries, and the weakness in mineral supply growth, the Chinese silver price generally rose, reaching 23.4 yuan/gram in the first quarter of 2026. During the forecast period, due to the steady expansion of the photovoltaic installation, rigid growth in silver demand from AI and electronics industries, and the continued mismatch between supply and demand due to limited supply elasticity, the silver price is expected to continue to rise significantly, reaching 38.3 yuan/gram in the fourth quarter of 2030. During the same period, the Chinese tin price fluctuated, reaching 395,271.4 yuan/ton in the first quarter of 2026, mainly driven by decreasing tin ore grades and limited new production capacity, as well as the steady recovery of the semiconductor and new energy solder demand. During the forecast period, with the continued growth in demand for tin solders in new energy and AI sectors, and the running of global inventories at low levels, the tin price is expected to rise significantly, reaching 483,014.3 yuan/ton in the fourth quarter of 2030. In 2025, the industry average cash cost of silver metal was 6.14 yuan/gram, and the cash cost of tin metal was 200,195.69 yuan/ton. Board of Directors Information The company's board of directors consists of 11 members, including four executive directors, three non-executive directors, and four independent non-executive directors. The term of office for the directors is three years, and they are eligible for re-election after the term expires. According to relevant Chinese laws and regulations, independent non-executive directors shall not serve consecutively for more than six years. Equity Structure Yunnan International Trust through Xingye Group holds a 20.46% stake, and China Jingu Trust through Tianjin Xinye holds a 6.87% stake in the company. Other A-share holders collectively hold 72.67%. As of the last feasible date, Xingye Group held approximately 20.46% of the company's issued shares. Xingye Group is wholly owned by Yunnan International Trust. According to the trust arrangement, Xingye Group's voting rights in the company have been irrevocably entrusted to Mr. Jixing Ye. Xingye Group conducts its own business through its subsidiaries and is not solely established as a special purpose vehicle for its shareholders to hold the company's equity. Therefore, Mr. Ye, Yunnan International Trust, and Xingye Group collectively constitute the largest shareholder group of the company. The company has entered into related party transactions with Xingye Group regarding the trust arrangements for the Budun Silver Root Mining. Tianjin Xinye is a limited partnership established under Chinese law, in which China Jingu Trust (as the trustee of Jingu No. 35 Fund Trust) and Beijing Xinruitong Technology Co., Ltd. are the general partners controlling 99.93% and 0.07% of the limited partnership interests, respectively. China Jingu Trust is owned by CHINA CINDA with 86.42%, and Beijing Xinruitong Technology Co., Ltd. is ultimately owned by CHINA CINDA with 47.1574%. As of the last feasible date, the company had a total issued capital of 1,775,635,739 shares of A shares with a face value of RMB 1.00 per share, all of which were listed on the main board of the Shenzhen Stock Exchange. Intermediary Team Exclusive sponsor: China International Finance Hong Kong Securities Co., Ltd. Company legal counsel: In Hong Kong and the United States: King & Wood Mallesons; in China: King & Wood Mallesons; in Morocco: Filali Kadiri & Associates Legal counsel for the exclusive sponsor: In Hong Kong and the United States: Sidley Austin LLP; in China: JT&N Law Firm Qualified person: SRK Consulting China Ltd. Auditor and reporting accountant: Ernst & Young Industry consultant: Frost Sullivan (Beijing) Co., Ltd. Shanghai Branch Compliance consultant: SOMERLEY CAP Limited