HK Stock Market Move | China Hanking (03788) rose more than 9% intraday, and Rare King Gold completed its first pre-IPO financing. It will soon independently list in Hong Kong.

CHINA HANKING (03788) rose over 9% during trading hours, with a 6.42% increase as of the time of writing, reaching HK$4.81, with a trading volume of HK$143.08 million. In terms of news, CHINA HANKING previously announced the pre-IPO fundraising of its non-wholly owned subsidiary, Hanwang Gold, issuing a total of 436 million shares to six subscribers, including the company, at a price of HK$2.62 per share. The total subscription amount is HK$1.14 billion, intended to support the development of the Australian gold mine project and repay internal loans of approximately AUD 86 million. It is reported that CHINA HANKING announced in July of this year that it plans to spin off its subsidiary "Hanwang Gold" with an introduction listing on the main board of the Hong Kong Stock Exchange. It is worth noting that the company issued a total of 75 million shares to ZIJIN MINING's Zijin Global Fund and Jinshan at a price of HK$3.13 per share, with net proceeds of approximately HK$231 million, which will be used together with the company's own funds to support the development of the Hanwang Gold's Australian gold mine project. After the placement, ZIJIN MINING will hold 3.69% of the enlarged issued share capital of the company.