Chuangxin Industries, a leading integrated producer of electrolytic aluminium and alumina in China, has made a smart entrance in the Hong Kong Stock Exchange, raising HKD 5.5 billion (USD 707 million) from the sale of 500 million shares priced at HKD 10.99 (USD1.41) each. The aluminium producer’s retail tranche was oversubscribed 447.2 times, and the stock closed at HKD14.59 (USD1.88), about 33 per cent above the offer price.
The surge instantly lifted founder Cui Lixin’s wealth to an estimated USD 3.6 billion, turning the 56-year-old into a new billionaire. His fortune stems from his stake in Chuangxin and his separate ownership in Innovation New Material Technology, the Shanghai-listed aluminium products maker that also happens to be one of Chuangxin’s largest customers.
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The IPO drew 17 cornerstone investors who subscribed to roughly USD 351 million, almost half of the total offering. Glencore AG’s presence among them, alongside Hillhouse Group, China Hongqiao, Taikang Life and Jane Street, has attracted particular scrutiny given the commodities giant’s increasing focus on metals linked to the global energy transition.
Chuangxin’s appeal lies in its positioning within the “green aluminium” segment. Spanning across Shandong and Inner Mongolia, the company is now operating successfully in diverse segments, like energy generation, alumina refining and aluminium smelting. It achieved alumina self-sufficiency of around 84 per cent and electricity self-sufficiency of 88 per cent in the last year, which was far higher than industry averages.
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The company already runs its in-house solar and wind facilities and aims to further push renewable energy to 50 per cent of its power output by 2026. Proceeds from the IPO will support the construction of new green energy plants and overseas smelters.
Chuangxin has been financially expanding with revenue rising from RMB 13.49 billion (USD 1.90 billion) in 2022 to RMB 15.16 billion (USD 2.13 billion) in 2024, while net profit grew from RMB 913 million ( USD 128.3 million) to RMB 2.63 billion ( USD 370 million). In the first five months of 2025, revenue increased 23 per cent year-on-year to RMB 7.2 billion (USD 1.02 billion), although net profit fell 14 per cent to RMB 855.5 million (USD 120.2 million) as the company invested heavily in new smelting facilities.
Market analysts note that China’s efforts to rein in aggressive price competition across sectors such as electric vehicles and solar components have helped revive interest in commodity and resource-linked stocks. Rising aluminium demand from EVs, renewable energy systems, batteries and AI-oriented data centres has further supported sentiment.
For Glencore, Chuangxin’s debut aligns with its push towards transition-focused metals while balancing its legacy coal interests. For the wider market, the listing underscores how China’s low-carbon aluminium capabilities are reshaping global investor priorities.
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