Sidley advised on the dual primary listing of Jiaxin International Resources Investment Limited (HKEX: 3858, Jiaxin International) on the Main Board of the Hong Kong Stock Exchange (HKEX) and Kazakhstan’s Astana International Exchange (AIX). The offering raised approximately HK$1.2 billion (US$153 million). This marks the world’s first dual primary listing on both the HKEX and AIX, setting another milestone in the Hong Kong IPO market and continuing the Sidley team’s record of working on the most first of their kind transactions in the Hong Kong capital markets.
Sidley acted as Hong Kong and U.S. counsel for the sole sponsor China International Capital Corporation Hong Kong Securities Limited (CICC) as well as for the underwriters CICC and China Galaxy International.
Jiaxin International is a tungsten mining company focusing on the development of the Boguty tungsten mine based in Kazakhstan, which was the world’s largest open-pit tungsten mine in terms of mineral resources of tungsten trioxide (WO3) as of December 31, 2024, according to Frost & Sullivan, a U.S. business consultancy firm.
The Sidley team was led by partners Sherlyn Lau and Carrie Li (Hong Kong). Other team members included Eva Tsui and Iris Yuen (Hong Kong); Leonard Lou (Beijing); and Jacob Zhao and Jay Jing (Hong Kong), with support from Wendy Ho, Andy Tam, Nicolas Choi, and Hannah Wong (Hong Kong), as well as Sia Yang and Kristine Zhang (Beijing).
Sidley’s Hong Kong IPO team is widely recognized for its strong transactional track record, assisting with the most Hong Kong IPOs of any international law firm. In recognition of this, the team has received several accolades, including being named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024 and deemed “highly recommended” by the FT Innovative Lawyers APAC Awards 2025 in the category “Innovative Lawyers in Unlocking Capital.”
