Hanking Gold (03788) rose more than 8% during the morning trading session. At the time of writing, the stock was up 8.33% to HK$3.77, with a turnover of HK$11.97 million. The company announced its intention to acquire the remaining 9.56% equity interest in Hanking Gold Limited for HK$814.6 million. Upon completion of the transaction, the company will hold a 100% interest in high-value gold assets in Australia, including 5.54 million ounces of gold resources and 2.62 million ounces of gold reserves compliant with the JORC (2012) standard. This move marks a significant step toward the company's goal of becoming a mid-tier gold producer. Public records show that in January of this year, China Hanking announced the termination of its original plan to spin off Hanking Gold, opting instead to focus on gold operations under the parent company to avoid prolonged approval processes and accelerate the commissioning and value realization of the Mt Bundy project. The company plans to change its name to "Hanking Gold International Limited" to reinforce its positioning as a mid-sized gold producer. Dr. Qiu Yumin has been appointed as Executive Director, President, and CEO, while Mr. Xia Zhuo serves as Chairman of the Board. Additionally, the company's Chinese stock short name has been changed from "China Hanking" to "Hanking Gold."
Comments