Dabaoshan Copper, headquartered in Shaoguan City, Guangdong Province, has submitted its first listing application to the Hong Kong Stock Exchange on September 22, 2026, aiming for a main board listing with CITIC Securities as its sole sponsor.

The company stands as a leading multi-metal mining enterprise in South China. Its core asset is the Dabaoshan Mine, which began operations in 1966. The business focuses on the exploration, extraction, beneficiation, and sale of copper and sulfur multi-metal mineral resources, operating the region's largest open-pit copper-sulfur mine. In 2025, revenue reached RMB 2.193 billion, up 18.7% year-on-year, with net profit of RMB 849 million, continuing a strong trajectory of profit growth.

Guangdong Guangsheng Dabaoshan Copper Co., Ltd. is committed to building itself into a world-class, green, smart, and international copper-sulfur mining company. The Dabaoshan Mine holds a designated mining capacity of 3.3 million tonnes per year and is supported by a specialized copper-sulfur processing plant capable of handling 3.6 million tonnes annually. Core products include copper concentrate, sulfur concentrate, and pyrrhotite concentrate, along with stone materials and other by-products.

Downstream applications are extensive: copper concentrate mainly supplies copper smelters in South China, finding its way into power grids, new energy vehicles, photovoltaic and wind power, home appliances, construction, and transportation. Sulfur concentrate is delivered to producers of phosphate fertilizers, hydrometallurgical non-ferrous metal processing, and new energy materials like lithium iron phosphate. Pyrrhotite concentrate and by-products serve the chemical, construction materials, and water treatment industries.

The company's key competitive strengths include several moats. On resources, the Dabaoshan Mine holds large reserves with stable grades and a remaining service life of 13 years, supported by an integrated logistics network of dedicated railways, highways, and waterways that delivers significant transport cost advantages. On technology, proprietary processing techniques for difficult-to-beneficiate copper-sulfur ores achieve recovery rates of 84.7% for copper and 91.4% for sulfur, with the technology recognized in the Ministry of Natural Resources' catalogue of advanced applicable technologies. On operations, a fully integrated value chain has earned the mine a national AAAA-level green mining designation, and its ecological restoration projects have been cited as national models for integrated protection and rehabilitation of mountain, water, forest, field, lake, grass, and sand systems.

Financial results for the three years ended December 31, 2025, and the six months ended June 30, 2026, show revenue of approximately RMB 1.596 billion, RMB 1.848 billion, RMB 2.193 billion, RMB 1.039 billion, and RMB 1.852 billion, respectively, with the first half of 2026 up 78.31% year-on-year. Gross profit came in at approximately RMB 704 million, RMB 938 million, RMB 1.273 billion, RMB 560 million, and RMB 1.297 billion, respectively, with the first half of 2026 up 131.54%. Net profit reached approximately RMB 10.491 billion, RMB 12.243 billion, RMB 14.579 billion, RMB 9.787 billion, and RMB 12.728 billion, respectively, with the first half of 2026 up 30.06%. Gross margins were 44.10%, 50.75%, 58.04%, 53.93%, and 70.03%, while net margins were 657.27%, 662.67%, 664.72%, 942.15%, and 687.20% across the respective periods.

According to Frost & Sullivan, China's copper concentrate market grew from 7.5 million tonnes in 2021 to 9.4 million tonnes in 2025, a compound annual growth rate of 5.8%. This is projected to expand to 11.3 million tonnes by 2030, a CAGR of around 3.8%. Domestic production is expected to rise to 2.0 million tonnes with a CAGR of 2.4%, while imports are forecast to reach 9.2 million tonnes with a CAGR of 4.1%. For sulfur concentrate, the Chinese market grew from 17.6 million tonnes in 2021 to 20.1 million tonnes in 2025, a CAGR of 3.4%, and is expected to reach 22.8 million tonnes by 2030, with a CAGR of 2.5% from 2025 onward. The sulfur market relies primarily on domestic supply with low import dependency.

Within the industry, the company produced 13,900 tonnes of copper concentrate (copper content) in 2025, ranking first in South China and thirteenth nationally, holding a 0.8% domestic market share. Sulfur concentrate output reached 1.1129 million tonnes (on a 35% standard grade basis), ranking third nationally with a 6.2% market share. The Dabaoshan Mine, situated in the core zone of the Nanling metallogenic belt, is both a national planning mining area and a key exploration zone for Guangdong Province. The mining area's proven mineral resources carry a potential economic value exceeding RMB 100 billion, with identified and controlled copper-sulfur resources totaling 91.31 million tonnes.

Comparable listed companies for IPO valuation purposes include China Nonferrous Mining (1258.HK) and Wanguo International Mining (3939.HK). The board of directors comprises nine members: four executive directors, two non-executive directors, and three independent non-executive directors. Ahead of the Hong Kong listing, Guangdong Guangsheng Holdings and Zhongxi Nonferrous Metals serve as the two major controlling shareholders, having entered into a concerted action arrangement covering director nominations and senior management appointments, collectively controlling 100% of voting rights prior to the offering.

The professional advisory team totals eight firms, including one sponsor whose recent track record across nearly ten sponsorship projects has been weak, and two legal counsel firms with mixed overall project performance. Historical data suggests the advisory team's overall delivery capability remains unproven.