HK Stock Market Move | After issuing a profit warning, Jinchuan International (02362) rose by more than 5%. It is expected that the shareholders' share of the loss will narrow to no more than $5 million in 2024.

JINCHUAN INTL (02362) rose more than 5% after issuing a profit warning. As of the time of writing, it has risen by 4.48%, reaching 0.7 Hong Kong dollars, with a trading volume of 41.3817 million Hong Kong dollars. On the news front, on March 9, JINCHUAN INTL released an announcement stating that the group expects to incur a comprehensive loss attributable to shareholders of no more than 5 million US dollars in 2024, while the comprehensive loss attributable to shareholders in 2023 is estimated to be around 12 million US dollars. The announcement stated that the expected loss is mainly due to the impairment loss on other non-current assets relating to the recoverability of value-added tax receivable from the Democratic Republic of the Congo (Congo (Kinshasa)); offset by the improvement in mining operation performance resulting from an increase in gross profit. The impairment amount is based on a comprehensive evaluation of the recoverability of value-added tax owed by the majority of mining companies in the Congo (Kinshasa) government from various perspectives. This takes into account the portion that may be deducted from the total amount of value-added tax that the group may receive from the Congo (Kinshasa) government in the future. The assessment process has been independently reviewed before arriving at the expected impairment loss, and it took time.