China Natural Resources

What China Natural Resources does

China Natural Resources, Inc. (Nasdaq: CHNR) is a British Virgin Islands-domiciled holding company incorporated in 1993 and operating principally through offices in Hong Kong (Room 2205, Shun Tak Centre, 200 Connaught Road Central) and Shenzhen (79/F, Ping An Finance Centre, 5033 Yitian Road, Futian CBD). Its sole revenue-generating asset is exploration of lead, silver, and other nonferrous metals at the Wulatehouqi Moruogu Tong Mine in Inner Mongolia, PRC. CHNR reports no revenue from continuing operations; FY2025 administrative expenses were CNY 3.30M (US$0.47M) and the FY2025 net loss was CNY 1.23M (US$0.18M), down from CNY 3.16M in 2024. Cash and equivalents stood at only US$0.10M as of June 30, 2025, and equity attributable to owners was CNY 86.33M (US$12.34M) as of December 31, 2025. The company is controlled by Feishang Group Limited, whose beneficial owner is Mr. Li Feilie, with Laitan Investment Limited as ultimate parent. CHNR divested its Precise Space-Time Technology subsidiary in July 2023 and executed an 8-to-1 share combination on June 13, 2025 to satisfy Nasdaq's US$1.00 minimum bid price requirement.

CHNR's strategy centers on two unclosed acquisitions rather than organic commercial scale. The first, announced February 28, 2023, is an agreement to indirectly acquire Williams Minerals — a Zimbabwe lithium mine owned jointly by Feishang Group Limited and Top Pacific (China) Limited — for a maximum consideration of US$1.75 billion, with ownership vesting originally planned between 2024 and 2026. The second, announced March 17, 2026 as a non-binding LOI, is the acquisition of 59.79% of HooRii Technology (HK) Limited for an estimated US$37–40 million in cash and stock, sourced through a wholly owned subsidiary of Feishang Group Limited. HooRii is a Hong Kong-based physical AI company that launched ClawStage in 2026 — the first embodied personal AI built on the proprietary OpenClaw architecture — and has developed Thread-protocol hardware/software supporting millions of IoT devices and thousands of developers; HooRii had previously raised over US$7M from Plum Venture, Eminence Venture, PreAngel Venture and others. An independent director special committee has been established to evaluate the HooRii transaction.

The go-to-market is B2B and capital-markets-driven: exploration activities are conducted through direct corporate negotiations with mining-rights counterparties, while capital is raised through SEC-registered direct placements on Nasdaq (a US$3.27M registered direct placement was completed in February 2024). Market communications are concentrated on PR Newswire releases, SEC filings (20-F, 6-K), and the corporate investor-relations website (chnr.net). Customer segments targeted today are upstream mining-rights counterparties; if the HooRii acquisition closes, the customer base would extend to consumer AI users and IoT developers. Leadership consists of Chairman and CEO Wong Wah On Edward and CFO Zhu Youyi.

Name

China Natural Resources

Legal name

China Natural Resources, Inc.

Website

https://chnr.net

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1–10 employees

Short description

China Natural Resources, Inc. (Nasdaq: CHNR) is a BVI holding company exploring lead, silver, and nonferrous metals at the Wulatehouqi Moruogu Tong Mine in Inner Mongolia. It is pursuing two unclosed acquisitions — Williams Minerals (Zimbabwe lithium) and HooRii Technology (physical AI/IoT) — to diversify beyond traditional mining.

Ownership category

akta.pro rank

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Technology or R&D

Revenue model

1. Mining exploration revenue: Revenue from exploration and mining activities in Inner Mongolia (lead, silver, other nonferrous metals) at Wulatehouqi Moruogu Tong Mine; administrative expenses dominate P&L given pre-commercial/limited operating state.
2. Capital raising via registered direct placements: Funding through securities purchase agreements (e.g., approximately US$3.27 million registered direct placement of common shares and warrants in February 2024) for general working capital; supports operational and acquisition activities.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

China Natural Resources, Inc. is principally engaged in the acquisition and exploitation of mining rights and the exploration of lead, silver, and other nonferrous metals in Inner Mongolia, China (Wulatehouqi Moruogu Tong Mine). The Company is pursuing two pending strategic acquisitions: Williams Minerals, which operates a lithium mine in Zimbabwe (maximum consideration US$1.75 billion), and a 59.79% stake in HooRii Technology (HK) Limited, a Hong Kong-based physical AI/IoT company behind the ClawStage embodied personal AI product (estimated US$37–40 million).

Product overview

China Natural Resources Inc. (NASDAQ: CHNR) is a holding company whose core operating business is the Wulatehouqi Moruogu Tong Mine — an Inner Mongolia lead, silver, and nonferrous metals exploration and mining operation — supplemented by two strategic, not-yet-closed acquisitions: Williams Minerals (a Zimbabwe lithium mine target) and HooRii Technology (a Hong Kong physical AI/IoT company behind the ClawStage personal AI product). The portfolio is therefore a single core mining asset plus two pending acquisitions, with the HooRii acquisition explicitly intended to integrate AI/IoT capabilities into mining workflows and diversify into the physical AI market.

Differentiator

Problem solved

Functional benefit

Products and services

• Wulatehouqi Moruogu Tong Mine Lead, silver and other nonferrous metals exploration and mining operation located in Inner Mongolia, China. The Company's primary continuing-operations asset and focus of its exploration investment and cost-control activities.
• Williams Minerals (Zimbabwe Lithium Mine) Lithium mine in Zimbabwe, target of a 2023 acquisition agreement for a maximum consideration of US$1.75 billion, with ownership vesting planned between 2024 and 2026. Owned by CHNR's controlling shareholder Feishang Group Limited and non-affiliate Top Pacific (China) Limited. Closing remains subject to financing, due diligence, and other conditions precedent.
• ClawStage (Embodied Personal AI) First embodied personal AI built on the OpenClaw architecture, launched by HooRii Technology in 2026. Personal AI assistant designed to make AI accessible and intuitive for consumers and businesses, gaining over ten million impressions and more than ten thousand seed users within a month of launch. Accessible to CHNR's portfolio via the proposed 59.79% HooRii Technology acquisition.
• Thread Protocol-Based IoT Solutions (HooRii legacy product line) Series of hardware and software products and solutions developed by HooRii to advance the development and commercialization of the Thread protocol, providing technical support for millions of IoT devices and thousands of developers worldwide. Accessible to CHNR's portfolio via the proposed 59.79% HooRii Technology acquisition.

Quantifiable outcome

• Net loss reduced by CNY 1.93 million (US$0.28 million), from CNY 3.16 million in 2024 to CNY 1.23 million (US$0.18 million) in 2025
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature2 records

Partnerships

Two partnerships are on record, tiered flagship.

• HooRii Technology (HK) LimitedflagshipStrategic or Co-development Partner · 17 March 2026Non-binding LOI signed with Feishang Group Limited (CHNR's principal shareholder) to acquire 100% of a wholly owned subsidiary of Feishang that will own 59.79% of HooRii Technology (HK) Limited. Total estimated consideration US$37–40 million via cash and stock issuance. HooRii is a Hong Kong-based Physical AI innovator specializing in IoT and AI; developed ClawStage built on the OpenClaw architecture. Acquisition subject to due diligence, regulatory approvals, and definitive agreements. Independent director special committee established to evaluate the Acquisition. Marks a strategic pivot for CHNR from traditional mining to physical AI and IoT.
• Williams MineralsflagshipStrategic or Co-development Partner · 28 February 2023CHNR agreed to indirectly acquire Williams Minerals, which operates a lithium mine in Zimbabwe, for a maximum consideration of US$1.75 billion, with ownership vesting planned between 2024 and 2026. Deal contingent upon financing and due diligence. Williams Minerals is owned by CHNR's controlling shareholder Feishang Group Limited and a non-affiliate Top Pacific (China) Limited. Acquisition encountered delays; CHNR working to close by December 2025.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Silvercorp Metals: Canadian-listed silver/lead/zinc miner with active operations in China (Ying mine in Henan, GC mine in Guangdong). Closest direct comparable to CHNR given the overlap in lead/silver/nonferrous metals exposure and Chinese operating geography.
• MMG Limited: Hong Kong-listed, China-headquartered mid-tier miner producing copper, zinc, lead, cobalt and other nonferrous metals globally (Las Bambas, Kinsevere, Dugald River, Rosebery). Directly comparable to CHNR's lead/silver/nonferrous metals exploration focus and BVI/Hong Kong corporate footprint.
• China Nonferrous Mining Corporation: Hong Kong-listed nonferrous metals mining group with operations across Zambia and the PRC, producing copper, cobalt, lead and zinc. Comparable as a Chinese-affiliated nonferrous-metals miner pursuing international resource expansion, similar to CHNR's Zimbabwe lithium ambitions.
• China Gold International Resources: Hong Kong and TSX-listed miner controlled by China National Gold Group, producing copper, zinc, lead, gold and other nonferrous metals in China (CSH Mine) and Tibet (Jiama Mine). Comparable as a publicly listed nonferrous-metals operator with state-affiliated controlling shareholder dynamics similar to CHNR/Feishang.

Emerging players

• Mobileye: U.S.-listed provider of AI-driven sensing and IoT/edge solutions for physical-world applications. Comparable to HooRii Technology's Thread-protocol IoT and embodied-AI positioning, providing a relevant capital-markets reference for the HooRii business CHNR is acquiring.
• C3.ai: U.S.-listed enterprise AI software company focused on industrial applications, including mining and resource extraction. Comparable to the HooRii/ClawStage platform as a public-market proxy for AI-in-industrial-verticals valuation, the category CHNR intends to enter.
• Premier African Minerals: AIM-listed developer of the Zulu lithium and tantalum project in Zimbabwe. Comparable as a small-cap Zimbabwe-focused lithium developer, providing a relevant market proxy for valuing and assessing the Williams Minerals deal economics.
• Prospect Lithium Zimbabwe: Emerging lithium developer focused on the Arcadia lithium project in Zimbabwe. Comparable to the Williams Minerals target as a same-geography, same-commodity (Zimbabwe lithium) development-stage asset that benchmarks the deal CHNR is pursuing.

Broad incumbents

• Jiangxi Copper Company: One of China's largest copper/lead/zinc producers listed in Hong Kong and Shanghai. Comparable to CHNR as a broad incumbent in the same nonferrous-metals vertical, providing industry-pricing and policy context relevant to CHNR's Inner Mongolia lead/silver asset.
• China Huarong Energy: Hong Kong-listed Chinese energy/minerals holding company. Comparable to CHNR as a small-cap Hong Kong-listed resource holding company exploring strategic diversification and undergoing structural reorganisation; useful as a structural peer rather than operational.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/china-natural-resources-inc-ny6-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Natural Resources