According to the Hong Kong Stock Exchange disclosure on September 22, Guangdong Guangsheng Dabaoshan Copper Co., Ltd. has submitted its listing application for the main board, with CITIC Securities serving as the sole sponsor.

Guangdong Guangsheng Dabaoshan Copper is a leading multi-metal mining company in South China, primarily engaged in the exploration, mining, ore processing, comprehensive utilization, and sales of copper, sulfur, and other multi-metal mineral resources. Its sole mining asset is the Dabaoshan Mine, located in Shaxi Town, Qujiang District, Shaoguan City, Guangdong Province, which is a large-scale open-pit multi-metal mine. The mine was officially put into operation in 1966. In 2017, the company completed a strategic transformation and upgrading, transitioning from a single iron ore product mining enterprise to a comprehensive mining enterprise focusing on the development of copper, sulfur, and various associated metals, with core business covering the entire value chain of exploration, mining, ore processing, comprehensive utilization, and sales of copper, sulfur, and other multi-metal mineral resources.

The company operates the largest open-pit mining site in South China, equipped with specialized copper-sulfur beneficiation facilities. The Dabaoshan Mine has an approved mining production scale of 3.3 million tonnes per year, supported by a specialized copper-sulfur concentrator with an annual processing capacity of 3.6 million tonnes. Core products include copper concentrate, sulfur concentrate, and magnetic sulfur concentrate, along with stone materials and other by-products. According to Frost & Sullivan data, the company ranked first in copper concentrate production in South China in 2025 and third nationally in sulfur concentrate production.

The Dabaoshan Mine is situated in the core area of the Nanling metallogenic belt, designated as a national planned mining area and a key exploration zone for Guangdong Province. The potential economic value of the mineral resources in the mining area exceeds RMB 100 billion, with proven and controlled copper-sulfur mineral resources amounting to 91.31 million tonnes.

Financial Highlights

For the six-month periods ended June 30 in 2023, 2024, 2025, and 2026, the company recorded revenues of approximately RMB 1.596 billion, RMB 1.848 billion, RMB 2.193 billion, and RMB 1.852 billion, respectively. Profit for the year/period during the same periods was approximately RMB 348 million, RMB 501 million, RMB 849 million, and RMB 976 million, respectively. Gross margins for these periods were 44.1%, 50.7%, 58.0%, and 70.0%, respectively.

Industry Overview

China's copper concentrate market size grew from 7.5 million tonnes in 2021 to 9.4 million tonnes in 2025, representing a compound annual growth rate of 5.8%. As one of the world's major copper consuming markets, China maintains high demand for copper smelting and processing. Due to relatively limited domestic copper ore resources and insufficient copper concentrate production, China's copper concentrate self-sufficiency rate remains at a low level, with heavy reliance on imported supply. Domestic copper concentrate production increased from 1.6 million tonnes in 2021 to 1.8 million tonnes in 2025, with a CAGR of 2.3%, while imports grew from 5.8 million tonnes to 7.6 million tonnes, achieving a CAGR of 6.7%.

Driven by continuous development in AI infrastructure construction, new energy vehicles, renewable energy power generation, energy storage systems, and power grid construction and upgrades, demand for copper products and refined copper is expected to maintain growth, providing a stable demand foundation for the upstream copper concentrate market. Meanwhile, with ongoing domestic copper ore exploration and development, gradual production capacity release from some mine expansion projects, and improvements in beneficiation technology and resource utilization efficiency, domestic copper concentrate production capacity is expected to increase modestly. China's copper concentrate market size is projected to grow from 9.4 million tonnes in 2025 to 11.3 million tonnes by 2030, with a CAGR of approximately 3.8%. Domestic production is expected to rise to 2.0 million tonnes with a CAGR of 2.4%, while imports are anticipated to increase to 9.2 million tonnes with a CAGR of 4.1%.

Board Composition

The board comprises nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The board holds general authority to manage and operate the company. Directors serve three-year terms and are eligible for re-election upon expiration.

Ownership Structure

As of the latest practicable date, the company is owned 60% by Guangdong Guangsheng Holdings and 40% by Zhongxi Nonferrous Metals. The group will have two controlling shareholders: (i) Guangdong Guangsheng Holdings and (ii) Zhongxi Nonferrous Metals.

Advisory Team

The sole sponsor is CITIC Securities (Hong Kong) Limited. Legal advisors include Latham & Watkins and DeHeng Law Offices. The sole sponsor's legal advisors are Slaughter and May and JunHe LLP. The auditor and reporting accountant is Ernst & Young. The industry advisor is Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch.