Lygend Resources Launches A-Share IPO After Hong Kong Listing, Targeting 55 Billion Yuan Revenue
Lygend Resources, a global nickel supply chain leader, completed its A-share IPO subscription on September 18 at 21.23 yuan per share, aiming to raise about 36.7 billion yuan for Indonesian nickel projects. The offering saw massive demand, with an effective oversubscription ratio of 2,697.20 times and a lottery rate of 0.037%. Hong Kong-listed shares rose over 8% on the news. The company also ranked 313th on the 2026 China Top 500 Private Enterprises list, up 148 spots.
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Lygend Resources Jumps 148 Spots to 313th in 2026 China Top 500 Private Firms
On September 22, the All-China Federation of Industry and Commerce released the '2026 China Top 500 Private Enterprises' list. Lygend Resources (HK2245) ranked 313th, up 148 places from 461st in 2025. The company, a global leader in the nickel industry chain, covers upstream nickel procurement, trading, and production. It reported high growth from 2023 to 2025, with revenue rising from 21.286 billion yuan to 40.255 billion yuan (37.52% CAGR) and net profit from 1.05 billion yuan to 2.862 billion yuan (65.11% CAGR). Lygend has mastered third-generation HPAL nickel hydrometallurgy technology and built a dual wet/dry process moat. Its A-share IPO subscription was completed on September 18, with proceeds for two projects in the Indonesia OBI Industrial Park: a slag resource utilization project and an MHP refining project. The company aims to become a world-class nickel full-chain service provider via an 'A+H' dual listing strategy.
Read sourceLygend Resources jumps to 313th on 2026 China Top 500 Private Firms, up 148 spots
On September 22, the All-China Federation of Industry and Commerce released the '2026 China Top 500 Private Enterprises' list. Lygend Resources (001246.SZ, 2245.HK) ranked 313th, improving 148 places from its 2025 rank of 461st. The company, a global nickel supply chain leader, attributed the rise to its 'internationalization, specialization, and resource diversification' strategy and deep focus on the nickel industry. Lygend reported strong financial growth from 2023 to 2025, with revenue rising from 212.86 billion yuan to 402.55 billion yuan (37.52% CAGR) and net profit surging from 10.50 billion to 28.62 billion yuan (65.11% CAGR). The company has mastered third-generation HPAL nickel hydrometallurgy technology and operates both wet and pyrometallurgical processes. Its A-share IPO subscription completed on September 18, with proceeds planned for two projects at the Indonesia OBI Industrial Park: a wet slag resource utilization project and an MHP refining project. The dual listing on A+H markets is expected to strengthen its capital position and global nickel supply chain leadership.
Read sourceLygend Resources Sees Growth Potential from Dual Market Listing and Nickel Sector Expansion
Lygend Resources (001246.SZ) began its Shenzhen Stock Exchange main board subscription on September 18, with an IPO price of 21.23 yuan per share. The company, already listed on the Hong Kong Stock Exchange since 2022, is pursuing an 'A+H' dual listing to enhance its capital access. Lygend has transformed from a nickel ore trader into a full-chain nickel producer, with its production revenue share rising from 42.92% in 2023 to 57.85% in 2025. It operates a 138-square-kilometer industrial park in Indonesia with an annual capacity of 400,000 nickel metal tons. The company reported strong financial growth, with revenue rising from 212.86 billion yuan in 2023 to 402.55 billion yuan in 2025, a compound growth rate of 37.52%. Net profit attributable to shareholders grew from 10.5 billion yuan to 28.62 billion yuan over the same period, a compound growth rate of 65.11%. For the first nine months of 2026, Lygend forecasts revenue of 380-420 billion yuan (up 27.93%-41.4% year-on-year) and net profit of 31.5-32.5 billion yuan (up 54%-58.89%), driven by rising nickel prices, new smelting capacity, and strong downstream demand. The A-share listing aims to raise approximately 40.47 billion yuan for projects in Indonesia, including a hydrometallurgical residue recycling demonstration project and an MHP refining project, both expected to be completed by Q1 2028.
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Lygend Resources Surges 9% as H-to-A IPO Fuels Valuation Recovery on Hong Kong Exchange
Lygend Resources (02245.HK) saw its stock price rise 8.58% to HK$18.60 on September 22, 2025, driven by the successful progress of its A-share IPO in mainland China. The company, a global leader in the nickel supply chain, completed online subscription for its A-share IPO on September 18, with the offering priced at RMB 21.23 per share. The IPO, which is the first 'H-to-A' project on the main board under China's full registration system, aims to raise RMB 36.7 billion to fund nickel processing projects in Indonesia. The offering saw extremely high demand, with an effective oversubscription ratio of 2,697.20 times and a lottery rate of only 0.037%. Market analysts expect the dual listing to open long-term financing channels and lead to a valuation revaluation of its Hong Kong-listed shares. The company reported strong financial results, with net profit attributable to shareholders surging 91.9% year-on-year in the first half of 2026 to RMB 27.38 billion, driven by production line expansion and improved nickel ore trade margins. However, cautious voices note risks from nickel price volatility and potential 'buy the rumor, sell the fact' profit-taking after the IPO event.
Lygend Resources Shares Surge Over 6% After Strong A-Share IPO Subscription
Shares of Lygend Resources (02245) rose over 6% in afternoon trading on September 23, reaching 18.23 Hong Kong dollars, following strong demand for its A-share IPO subscription. The company completed the online subscription for its A-share IPO on September 18. According to a September 20 announcement, the online offering attracted approximately 17.146 million valid subscription accounts, with valid subscription shares totaling about 326.423 billion. The initial valid subscription multiple was 6,293.47 times, triggering a clawback mechanism. After the clawback, the online final issuance increased to 121 million shares, with a final subscription multiple of 2,697.20 times and a lottery rate of approximately 0.037%. Lygend Resources is described as a global leader in the nickel industry chain. The A-share IPO proceeds, totaling a planned investment of 4.047 billion yuan, will be used for two projects at the Obi Island Industrial Park in Indonesia: a wet-process residue resource utilization demonstration project and an MHP refining production project, both expected to be completed by the first quarter of 2028. The company stated in its prospectus that the projects will strengthen its leading position in the global nickel industry and expand its business along the nickel industry chain.
Read sourceLygend Resources Launches A-Share IPO After Hong Kong Listing, Targeting 55 Billion Yuan Revenue
Lygend Resources (001246), a nickel full-industry-chain service provider, launched its A-share IPO subscription on September 18 with an issue price of 21.23 yuan per share. The company is offering approximately 173 million shares, representing about 10% of post-issuance total shares, aiming to raise net proceeds of about 34.04 billion yuan. Founded in 2009 and listed in Hong Kong in December 2022, Lygend has expanded from nickel product trading to integrated production and sales. The funds will be directed toward wet-process residue resource utilization and MHP refining projects. Chairman Cai Jianyong stated the funds will enhance nickel resource control and international competitiveness. The company's revenue nearly doubled from 212.86 billion yuan in 2023 to 402.55 billion yuan in 2025, with net profit rising from 10.5 billion to 28.62 billion yuan. Lygend forecasts 2026 revenue of approximately 564.13 billion yuan, up 40.14% year-on-year, and net profit of 36.16 billion yuan, up 26.35%. The company secured a 20-year laterite nickel ore supply agreement with Indonesian partners starting 2021.
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