HK Stock Market Move | MetalsX plans to acquire GREENTECH INTL DRAGON MINING (01712) at a premium, with its share price rising over 21% during trading hours. APAC RESOURCES (01104) also saw a late-session increase of nearly 13%.

DRAGON MINING (01712) and APAC RESOURCES (01104) have been favored by market funds recently. As of the time of writing, DRAGON MINING rose by 18.93% to 4.9 Hong Kong dollars; APAC RESOURCES rose by 12.8% to 1.41 Hong Kong dollars; ALLIED GROUP (00373) rose by 1.91% to 1.6 Hong Kong dollars. In terms of news, Australian listed mining company Metals X issued a potential tender offer intention letter to Greentech Technology (00195), proposing to acquire a maximum of approximately 382 million shares at a tender price of 0.35 Hong Kong dollars per share, accounting for 28% of the company's issued share capital. The tender price is a 25% premium over Greentech Technologys closing price of 0.28 Hong Kong dollars on the last trading day. It is expected that the tender offeror will have to pay a total cash consideration of nearly 134 million Hong Kong dollars. It is reported that APAC RESOURCES and its associated entities own approximately 23.28% of Metals X, while ALLIED GROUP owns approximately 47.35% of APAC RESOURCES. It is worth noting that in May this year, ALLIED GROUP, DRAGON MINING, and APAC RESOURCES jointly announced that ALLIED GROUP (the offeror) proposed a voluntary cash tender offer to acquire all DRAGON MINING shares, involving approximately 111 million shares, at a cash price of 2.6 Hong Kong dollars per share, a discount of 2.62% compared to the closing price before DRAGON MINING was suspended. The total investment is approximately 2.89 billion Hong Kong dollars. The offeror intends to maintain the listing status of DRAGON MINING shares. At the same time, the offer previously made by APAC RESOURCES to acquire all DRAGON MINING shares at 2.2 Hong Kong dollars per share has been withdrawn.