HK Stock Market Move | CGN MINING (01164) is currently up more than 10%, as Russia considers restricting uranium exports. The company is expected to benefit from the rising uranium prices and increased production capacity.

CGN MINING (01164) is currently up more than 10%, up 10.45% as of the time of writing, at HKD 1.48, with a trading volume of HKD 284.672 million. On the news front, it has been reported that Russian President Putin is considering restricting exports of uranium, titanium, and nickel in retaliation to Western sanctions. In addition, the US Department of Energy is investigating the surge in imports of enriched uranium from China since the end of 2023 to ensure that the US ban on importing uranium from Russia is properly implemented. Huatai pointed out that CGN MINING is the only overseas uranium resource development investment platform under China General Nuclear Power Corporation, with its business mainly consisting of uranium mining rights investment, natural uranium self-production and trade, and international trade. The company is expected to benefit from the rising uranium prices and increasing production capacity catalyzing a rise in price and volume. The bank expressed optimism about the company's reliance on China General Nuclear Power Corporation to guarantee downstream demand, and further growth potential in the "seller's market" for uranium.