SMM Facilitates Zhihui Mining's Listing on the Main Board of HKEX Hong Kong Stock Exchange

Zhihui Mining & SMM Consulting Team Present at HKEX

A group photo of Allen Cui, Associate Director of Consulting at SMM, Cara Wang, Project Manager at SMM, and Shun Li, CFO of Xizang Zhihui Mining Co., Ltd.

Xizang Zhihui Mining Co., Ltd. (Stock Code: 2546.HK) was successfully listed on the Main Board of Hong Kong Stock Exchange (HKEX) on December 19, 2025. Xizang Zhihui Mining Co., Ltd. (hereinafter referred to as "Zhihui Mining") focuses on the exploration, mining, beneficiation, and sales of zinc, lead, and copper concentrates in the Xizang region of China.

Shanghai Metals Market (SMM), as a leading information platform & consulting agency for metal industry chain data and research globally, served as the exclusive industry advisor, deeply empowering Zhihui Mining throughout the entire listing process. Leveraging its solid industry research expertise and comprehensive data system, SMM provided professional and comprehensive support for the enterprise's integration with the capital markets and facilitated efficient communication of its industry value. We hereby extend our warmest congratulations on its successful listing!

• As an independent third-party industry advisor, SMM provided full-cycle industry research and disclosure support for Zhihui Mining's Hong Kong listing process, covering key periods from Pre-A1 preparation, A1 submission, up to the pre-hearing stage.
• Specifically, based on a systematic methodology and solid data accumulation, SMM issued an industry research report and assisted in refining the relevant industry chapters of the prospectus.
• SMM also worked closely with the issuer, sponsor/investment bank, and other intermediaries to ensure consistency in the industry information within the listing documents, including industry argumentation and expression optimization for core sections such as the overview, competitive advantages, and development strategy.
• Furthermore, SMM provided professional responses and material support regarding inquiries from HKEX, enhancing the rigor, verifiability, and persuasiveness of the information disclosure.

Industry Development Landscape and Zhihui Mining's Market Positioning

Lead, zinc, and copper concentrates are the most critical upstream resource-based raw materials for the smelting sector. Their supply-demand balance and the pace of supply release directly impact the operational rates of downstream smelting capacity and the distribution of profits along the industry chain. According to SMM surveys, after experiencing a phased contraction cycle from 2018 to 2024, the Chinese zinc and lead concentrate markets are expected to enter a new phase of mild recovery and steady growth from 2025 to 2028: zinc concentrate demand is shifting from slow growth to accelerated expansion, while the contraction trend in lead concentrate demand has narrowed significantly. Driven by the deepening domestic electrification process and the accelerated transition of the energy structure, copper concentrate demand continues to maintain a medium-to-high growth rate. As a global core hub for metal smelting and consumption, China has solid structural demand for high-grade concentrate resources in the long term.

Zhihui Mining possesses abundant mineral resource reserves and holds a solid, prominent position in the regional industry. Based on the average annual production from 2022 to 2024, its output of zinc, lead, and copper concentrates in the Xizang region ranked second, third, and fifth, respectively, giving it significant industrial influence in the local mining sector. The successful listing of Zhihui Mining is not only a major milestone marking over a decade of deep-rooted presence on the plateau and dedicated engagement in mining, but also signifies that against the backdrop of profound adjustments in the global non-ferrous metals landscape, the company is integrating into the international capital markets with a more open posture, injecting fresh momentum into the high-quality economic development of Xizang.

Financing Scale and Use of Proceeds

Zhihui Mining plans to issue 121,952,000 shares in this offering, with 90% allocated for the international offering and 10% for the public offering. The Hong Kong public offering was oversubscribed by more than 5,248 times. The issue price was set at HKD 4.51 per share, resulting in a total financing scale of HKD 550 million (approximately RMB 498 million).

SMM's Professional Advantages

As a comprehensive information and consulting platform for the metals and mining industry, Shanghai Metals Market (SMM) has long provided services including benchmark prices, market analysis, industry consulting, and industry conferences. Leveraging over 25 years of industry experience and a global business footprint, SMM is headquartered in Shanghai and has branches in Beijing, Yantai, Foshan, Chengdu, Shenzhen, Hangzhou, among other locations. It has also established business contacts in overseas markets such as Indonesia, Malaysia, South Korea, the UK, and Zambia, enabling coverage of China's new energy metal production clusters and overseas resource and end-use consumption markets, thereby breaking down cross-regional and cross-industry chain information and resource barriers for industrial clients.

SMM adheres to a scientific and rigorous research paradigm, conducting in-depth surveys and analysis to ultimately develop a professional industry analysis system and a robust argumentation framework that meets the information disclosure requirements of capital markets. This assists companies in clearly and compliantly presenting their industry ecosystem, core growth drivers, and underlying business logic to the capital markets, providing solid professional support for their listing journey.

The SMM consulting department has long provided strategic advice to leading global enterprises, helping them reshape the industry landscape. If you are interested in SMM's insights in related fields or wish to learn about our consulting department's research and project capabilities, please contact us.

Associate Director of Consulting: Allen Cui

Cell: +86 13651634519

Email: cuisuoye@smm.cn