Global Nickel Expansion Reaches IDX as Hong Kong Firm Prepares to Acquire Local Listed Company
Jakarta — The landscape of Indonesia’s nickel and electric vehicle (EV) battery industry is no longer confined to mining concessions in Sulawesi or Maluku, but has shifted to the trading board of the Indonesia Stock Exchange (IDX).
Most recently, PT Berkah Prima Perkasa Tbk (BLUE) announced the signing of a Conditional Shares Purchase Agreement (CSPA) between its shareholders and Dragonmine Mining (Hong Kong) Limited, which is set to become the company’s new controlling shareholder.
In an information disclosure cited on Monday, 23 February 2026, Dragonmine Mining reportedly plans to purchase 334.4 million BLUE shares, equivalent to 80 per cent of all issued and fully paid-up shares.
“This development is a continuation of the acquisition process previously disclosed by the company in November 2025,” the information disclosure stated.
But who is Dragonmine Mining, the entity set to become BLUE’s new controller? Based on available profiles, Dragonmine Mining is a private company headquartered in Hong Kong, owned by Huayou Hongkong Limited.
Although BLUE has not provided further details regarding Dragonmine Mining’s identity, research from various sources indicates that Huayou Hongkong Limited is a subsidiary of Zhejiang Huayou Cobalt Co., Ltd, focused as an overseas investment unit in the mining and minerals sector.
Huayou operates five core business pillars spanning the entire lithium-ion battery materials industry chain, with Indonesia’s nickel sector being one of its strategic areas. The Chinese company has been increasingly expansive in Indonesia in developing an integrated battery ecosystem, including through the Titan Project in collaboration with Antam and Indonesia Battery Corporation (IBC).
Ezaridho Ibnutama, Head of Research at NH Korindo Sekuritas Indonesia, said there is potential for BLUE to pivot its business model following the change of controlling shareholder.
He noted that this move could potentially improve the performance of underperforming companies on the Indonesia Stock Exchange during a period when oversight remains limited, thereby enabling higher-quality companies to enter through backdoor listing schemes. Additionally, the IDX has released new regulations allowing listed companies to change their stock ticker codes.