CHINA HANKING (03788) surged over 9% during intraday trading. As of press time, the stock was up 6.42% to HK$4.81, with turnover reaching HK$14.308 million.
On the news front, CHINA HANKING previously announced that its non-wholly owned subsidiary Hanking Gold completed a pre-IPO fundraising round, issuing a total of 436 million shares at HK$2.62 per share to six subscribers, including the company itself. The total subscription amount of HK$1.14 billion is intended to support the development of Australian gold mining projects and repay approximately A$86 million in internal loans owed by the company.
It is reported that CHINA HANKING announced in July this year its plan to spin off its subsidiary "Hanking Gold" for independent listing on the Main Board of the Hong Kong Stock Exchange through an introduction listing.
Notably, the company placed a total of 75 million shares to Zijin Global Fund and Jinshan Placement, both under Zijin Mining, at a placement price of HK$3.13 per share. The net proceeds of approximately HK$231 million will be used together with the company's own funds to support Hanking Gold's development of Australian gold mining projects. Upon completion of the placement, Zijin Mining will hold 3.69% of the company's enlarged issued share capital.
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