Movement Alert|JIANGXI COPPER Falls 3.03% in Regular Trading, H-Share Allocation Proposal Rejected Amid Profit-Taking Pressure

Market Focus08-11 13:33

On August 11, JIANGXI COPPER fell 3.03% in regular trading, trading at HKD 37.84, with turnover of HKD 188 million.

On the news front, the company held three shareholder meetings on August 7 to vote on the spin-off of Jiangxi Copper Foil for a Hong Kong listing. Among 13 proposals, the guaranteed allocation for H-share shareholders was not passed, meaning H-share investors will not receive priority subscription rights in the Jiangxi Copper Foil IPO, which constitutes a direct negative for H-share holders.

Additionally, catalyzed by the Democratic Republic of Congo copper concentrate export ban, the company's A-shares had previously surged 14.56% in one week while H-shares also rallied over 5%, creating sustained short-term profit-taking pressure. The broader copper sector traded weak on the same day, with China Nonferrous Mining down 2.75%, adding sector-wide drag.

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