Hong Kong Stock Movers | Jiangxi Copper (00358) Falls Over 7% After Earnings; Q3 Net Profit Drops 47% Quarter-on-Quarter, Jiangtong Copper Foil Plans New Third Board Listing

Jiangxi Copper Company Limited (00358) dropped more than 7% following its earnings release. As of press time, the stock fell 6.57% to HK$27.3, with a turnover of HK$51.9691 million.

On the news front, Jiangxi Copper announced that its third-quarter operating revenue was RMB 135.265 billion, a year-on-year decrease of 2.75%; net profit was RMB 3.055 billion, a year-on-year increase of 65.22% but a quarter-on-quarter decrease of 47%. For the first three quarters, operating revenue was RMB 442.42 billion, a year-on-year increase of 11.71%; net profit was RMB 11.687 billion, a year-on-year increase of 94.02%.

It is worth noting that Jiangxi Copper recently announced that in order to accelerate the process of making its controlling subsidiary Jiangtong Copper Foil a public company, further improve Jiangtong Copper Foil's corporate governance structure, and support its business development, the company has agreed to Jiangtong Copper Foil's application for listing and public transfer of its shares on the National Equities Exchange and Quotations system. Subject to compliance with relevant national laws, regulations, policies, and conditions, the company's controlling subsidiary Jiangtong Copper Foil intends to apply for listing on the New Third Board through recommendation by a qualified lead broker.