Xiamen Tungsten announced that its partly held subsidiary Ganzhou Tengyuan Cobalt New Materials Co., Ltd. ("Tengyuan Cobalt") was approved of its IPO application by Shenzhen Stock Exchange (SZSE) on September 9, 2021. Tengyuan Cobalt focuses on research, production and selling of cobalt and copper metals, among others. As of this announcement date, Xiamen Tungsten holds 11.40 million shares of Tengyuan Cobalt, equivalent to 12.07% of the latter's pre-IPO total capital.