HK Stock Market Move | After the acquisition of NAN NAN RES (01229), the stock rose by over 20%. It is expected that the mid-term profit will increase to no less than HK$30 million.

NAN NAN RES (01229) surged more than 20% after announcing positive earnings, with a 17.79% increase at 0.192 Hong Kong dollars as of the time of writing, with a trading volume of 436,600 Hong Kong dollars. On the news front, NAN NAN RES announced positive earnings, expecting a profit of at least 30 million Hong Kong dollars for the six months ending September 30, 2024, compared to a profit of approximately 17.4 million Hong Kong dollars in the same period last year. This is mainly due to increased coal sales in the coal mining business, net foreign exchange gains, losses from the fair value changes of zero coupon convertible bonds issued in 2008 and maturing on March 13, 2026 with a total principal amount of 200 million Hong Kong dollars, which have been designated as fair value accounted and recognized in profit or loss as financial liabilities in mid-2024; and income tax expenses.