HK Stock Market Move | KINETIC DEV (01277) rose nearly 9% in the afternoon to a new high, with a cumulative increase of nearly 35% since entry. Recently acquired a 51% stake in coal mining stock MC.

KINETIC DEV (01277) rose nearly 9% in the afternoon, hitting a new high of 1.48 Hong Kong dollars, with a cumulative increase of nearly 35% since being included in the Hong Kong Stock Connect list. As of the time of writing, it has risen by 8.82% to 1.48 Hong Kong dollars, with a turnover of 30.8405 million Hong Kong dollars. On the news front, KINETIC DEV has been included as securities eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs, effective from September 10, 2024. The board of directors believes that this inclusion will help expand the company's shareholder base and increase the trading liquidity of its shares, thereby enhancing the investment value of its shares and the company's reputation in the capital markets. It is worth noting that KINETIC DEV announced at the end of August that it had subscribed for $90 million worth of new shares in MCMINING, which is listed in Australia and Johannesburg, holding a 51% stake and making MC its non-wholly-owned subsidiary. MC's financial performance will be consolidated into the accounts. The group stated that MC has four major projects and 27 mining rights, focusing on coal mining projects, with a loss of approximately $4.398 million for the year ending June 30. The group stated that the subscription is to expand its global footprint and that cooperation with MC can bring significant synergies.