HK Stock Market Move | JIAXIN INTL RES (03858) rose more than 7% in the afternoon. The tungsten plate sector reported better-than-expected third quarter results. The company is a developer of tungsten mines in Kazakhstan.

JIAXIN INTL RES (03858) rose over 7% in the afternoon, up 6.98% to HK$39.22 at the time of publication, with a turnover of HK$53.51 million. On the news front, the tungsten sector's third-quarter results exceeded market expectations. Xiamen Tungsten recently released its financial report, showing a net profit attributable to the parent company of 810 million yuan in the third quarter, a year-on-year increase of 109.85%; China Tungsten and High-tech Materials' performance announcement showed a non-net profit of 297 million yuan in the third quarter, a year-on-year increase of 725.45%. Public information shows that JIAXIN INTL RES is a tungsten mining company based in Kazakhstan, focusing on the development of the Baktuu-Tag tungsten mining project. Huayuan Securities pointed out that in the past two weeks, the price of black tungsten concentrate has risen by 3.73% to 278,000 yuan/ton, and the price of ammonium paratungstate has increased by 3.70% to 406,000 yuan/ton. On the supply side, the production of tungsten concentrate indicators has been reduced, and mines have generally slowed down production, with industry circulation continuing to tighten. On the demand side, domestic demand remains stable, with essential purchases being the main focus. In the second half of October, mainstream enterprises announced long-term prices, with the price of 55% black tungsten concentrate mostly around 273,000 yuan/standard ton, supporting prices at high levels.