HK Stock Movement | CHINA HANKING (03788) Rises Over 5% in Late Trading as Subsidiary Acquires Remaining Stake in Cygnet Gold; Hanking Gold Prepares for HK Listing

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CHINA HANKING (03788) surged more than 5% in late trading, closing at HK$4.2 with a turnover of HK$10.99 million. The company recently announced that its subsidiary, Watkins Gold, acquired a 6.63% stake in Cygnet Gold for a total consideration of A$16.6 million. Cygnet Gold owns and operates a gold mining project with approximately 2.06 million ounces of gold resources. Upon completion of the transaction, Cygnet Gold will become a wholly-owned subsidiary of Hanking Gold.

Additionally, Executive Director Dr. Qiu Yumin and minority shareholders of Cygnet Gold plan to subscribe to 8.7 million and 12.2 million new shares of Hanking Gold, respectively, at HK$2.62 per share. Post-transaction, CHINA HANKING's stake in Hanking Gold will dilute from 91.19% to 90.44%.

Earlier, CHINA HANKING disclosed a pre-IPO fundraising round for its non-wholly-owned subsidiary, Hanking Gold, issuing 436 million shares at HK$2.62 each to six investors, including the parent company. The total subscription amounted to HK$1.14 billion, earmarked for supporting the development of its Australian gold mining project and repaying an internal loan of approximately A$86 million.

In July, CHINA HANKING announced plans to spin off Hanking Gold for an independent listing on the Hong Kong Stock Exchange Main Board via introduction.

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