HK Stock Movement | CGN Mining (01164) Drops Nearly 7% in Afternoon Session as Musk Criticizes Nuclear Fusion Power, Kazakhstan Policy May Impact Valuation

CGN Mining (01164) fell nearly 7% in the afternoon session, dropping 6.51% to HKD 2.87 by the time of writing, with a turnover of HKD 122 million. On December 15, Elon Musk publicly criticized nuclear fusion power on social media, stating, "Building small fusion reactors on Earth is utterly foolish." He emphasized that the Sun itself is a massive, free fusion reactor in the sky. In his latest space AI vision, Musk plans to deploy 100GW of solar-powered AI satellites annually, equivalent to a quarter of the U.S. national electricity capacity. Additionally, Kazakhstan recently introduced a new policy requiring Kazatomprom to hold 90% of joint venture shares when renewing contracts. CMB International noted that the policy has minimal impact on CGN Mining's reserve ownership but may introduce uncertainty in valuation multiples. The firm maintains its target valuation for now but will monitor policy developments closely.