Xiamen Tungsten boosts Jinlong Rare Earth with RMB40m capital injection

Xiamen Tungsten announced a capital increase for its controlling subsidiary, Fujian Jinlong Rare Earth Co., Ltd., through a targeted stock issuance of up to 26.68 million common shares at RMB1.50 per share. This initiative aims to raise up to RMB40.02 million for working capital, referencing Jinlong Rare Earth’s 2024 audited net asset value per share. Existing shareholders will subscribe in proportion to their current holdings.

The transaction involves Xiamen Tungsten, Fujian Yikong Private Equity Fund Management Co., Ltd., Chuanghe Xincai (Xiamen) Manufacturing Transformation and Upgrade Fund Partnership (Limited Partnership), and Jiatai Linneng (Changting) Investment Partnership (Limited Partnership) as related parties. Xiamen Tungsten will subscribe for RMB26.09 million, Yikong Fund for RMB2.20 million, Chuanghe Xincai for RMB800,400, and Jiatai Linneng for RMB800,400.

The capital increase has been approved by Xiamen Tungsten’s audit committee, independent directors, and board of directors on November 18, 2025. This transaction is deemed a related party transaction but does not constitute a major asset reorganization. It is consistent with the company's development strategy and is not expected to negatively impact Xiamen Tungsten’s financial position or operations, maintaining its controlling stake in Jinlong Rare Earth.