HK Stock Market Move | SOUTHGOBI (01878) rose more than 13% in early trading, with the reassessment of the amount of tax fines in Mongolia significantly reduced to $26.5 million.

In the morning session, SOUTHGOBI (01878) rose by more than 13%, and as of the time of writing, it was up 12.83% at HKD 3.43 with a trading volume of 1.616 million HKD. On the news front, SOUTHGOBI announced that on January 10, its wholly-owned subsidiary SGS received a resolution from the Mongolian Tax Dispute Resolution Committee (TDRC) stating that the reassessment of the tax penalty imposed on SGS has been reduced from approximately USD 80 million to USD 26.5 million. SGS has the right to appeal the decision to the administrative court within 30 days from the date of receiving the resolution. The company's management is currently reviewing the resolution with an independent tax advisor to assess whether further action should be taken.