Nickel industry leader Lygend Resources & Technology has listed on the Shenzhen Stock Exchange (SZSE) main board on 30 September, raising about RMB3.67 billion (USD547.5 million). Following its Hong Kong listing in 2022, the company became the first Hong Kong-listed company to complete a subsequent A-share main board listing under China’s comprehensive registration-based IPO system.
T&C Law Firm and Commerce & Finance Law Offices provided legal support for the transaction.
Market researcher China Insights Consultancy said Lygend ranked first globally by nickel product trading volume in 2024 and was also China’s largest supplier of nickel ore.
Lygend issued about 173 million shares at RMB21.23 each. The shares opened at RMB65 on the first day of trading, 206.17% above the issue price, giving the company a market capitalisation of more than RMB100 billion. China International Capital Corporation acted as sponsor.
T&C advised the issuer, with managing partner Zhang Jingzhong leading the team and partners Zhao Yan and Wang Chunying among the signing lawyers. Commerce & Finance counselled the sponsor, led by partner Zhang Xiaoman.
Founded in 2009 and headquartered in Zhejiang province, Lygend engages in upstream nickel resource procurement, nickel product trading and the production and sale of nickel products. Its customers include nickel miners, producers of new-energy materials and stainless steel and commodity traders, with operations in Indonesia and the Philippines.
The prospectus stated that the IPO proceeds would be used for a demonstration project for the recycling of hydrometallurgical residue and a mixed hydroxide precipitate refining project.
Following the comprehensive implementation of the registration-based IPO system in February 2023, Biocytogen Pharmaceuticals became the first Hong Kong-listed company to subsequently list on the A-share market, debuting on the SSE Star market in December 2025. Lygend is the first to complete such a listing on the SZSE main board.
In June 2025, the General Office of the Central Committee of the Chinese Communist Party and the State Council published guidelines on advancing Shenzhen’s comprehensive reform pilot programme and deepening the city’s reform, innovation and opening-up push. The guidelines allow Hong Kong-listed companies based in the Guangdong-Hong Kong-Macau Greater Bay Area to list on the SZSE in accordance with relevant policies.
