Reuters reports that Lygend Resources, a China-based nickel provider, plans to go public in Hong Kong.

Hong Kong's stock exchange logo in Beijing, China on September 4, 2020. REUTERS/Tingshu Wang
Lygend Resources & Technology Co Ltd, a Chinese nickel producer and trader, has applied to make an initial public share offering on the Hong Kong Exchange.
The application did not reveal how much money Lygend plans to raise from the Hong Kong IPO. Its Jan-Sept profit last year was 415 million yuan ($65.5 million).
The company submitted a request to China's securities regulator in late January.
Lygend Resources, which says it is China's biggest nickel ore trader with around 27% market share in 2020, trades laterite nickel ore sourced from miners in the Philippines, Turkey, and Indonesia as well as nickel pig iron (NPI) from Indonesia.
It also produces nickel products at home and abroad, with domestic annual NPI production at 180,000 tonnes and two projects with Indonesian partners. These projects have a combined annual production capacity of 240,000 tonnes.
The company had invested heavily to expand business and explore more materials in the nickel sector as the resource is gaining traction amid a global new energy investment boom.
The HPAL project with Harita Group is worth $1.05 billion and is the first of its kind in Indonesia.
Lygend also operates a rotary klin electric furnace (RKEF) project on Obi Island, Indonesia and expects to commence production between 2022-2024.
According to the filing, Lygend traded around 9.2 million tonnes of nickel products in the first three quarters of 2021 and made 11,734 tonnes of NPI during that period.
The company plans to produce 500,000 tonnes of nickel and 23,000 tonnes of cobalt in the next five to ten years.
$1 is worth 6.3397 Chinese yuan renminbi.

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