Hong Kong Stock Movement | JIAXIN INTL RES (03858) Surges Over 6% as Tungsten Prices Remain Strong, Company's Core Asset is Bakuta Tungsten Mine

Stock News09-16

JIAXIN INTL RES (03858) surged over 6%. As of press time, the stock was up 5.96% to HK$30.2, with trading volume reaching HK$90.225 million.

On the news front, according to Shanghai Metals Market, recently, constrained by tungsten prices continuously hitting new highs, tungsten market trading volume has shrunk significantly. The transmission of high prices to downstream sectors has been relatively slow, and downstream cemented carbide industry operations have declined due to high cost pressures, leading to a market stalemate. However, SMM believes that the supply-demand mismatch contradiction in the tungsten market remains unresolved, making significant downward correction unlikely in the future, and expects the market to maintain primarily strong fluctuations.

It is reported that JIAXIN INTL is a tungsten mining company rooted in Kazakhstan, focusing on developing the Bakuta tungsten mine. China Merchants Securities believes that the company's core asset is the Bakuta tungsten mine, which is currently in production and still has expansion expectations. Benefiting from rising tungsten prices, the company's profits are expected to grow at high speed.

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