China Hanking Surges Over 8% in Morning Session, Hits New Intraday High; Company Raises Over HK$770 Million via Share Placement at Over 18% Discount

Deep News01-26

China Hanking (03788) surged more than 12% during the trading session, reaching a high of HK$5.60, marking a new historical peak. At the time of writing, the stock was up 8.42%, trading at HK$5.41, with a turnover of HK$113 million.

On January 14, China Hanking announced the termination of the original Hanking Gold spin-off plan. Instead, the company will utilize the parent company as a platform to focus on its gold business, aiming to avoid prolonged approval cycles and accelerate the commissioning and value realization of the Mt Bundy project. The company intends to change its name to "Hanking Gold International Limited" to reinforce its positioning as a "mid-tier gold producer." Dr. Qiu Yumin has been appointed as an Executive Director, President, and CEO, while Mr. Xia Zhuo has assumed the role of Board Chairman.

It is noteworthy that China Hanking announced a share subscription and placement to fund the development of its Mt Bundy gold project in Australia. The company raised over HK$770 million net through a share placement conducted at a discount exceeding 18%.

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