HK Stock Market Move | E&P GLOBAL (01142) resumed trading in the afternoon and fell more than 12%. Russian court upholds decision to revoke coal mining license.

E&P GLOBAL (01142) resumed trading in the afternoon, with the stock price plummeting over 12%. As of the time of writing, it fell by 9.09% to HK$0.4, with a turnover of HK$138.553 million. On the news front, E&P GLOBAL announced the appeal results, where a Russian court ruled to uphold the federal authorities' decision to revoke the company's mining license. The group is seeking legal advice and taking measures to protect its lawful rights and interests, including further filing appeals. The announcement stated that since the group's mining plans in Russia have not yet commenced, based on current assessments, the revocation decision and appeal ruling will not have any major adverse impact on the overall daily operations of the group. The company reiterated that as of March 31, the Russian mining license accounted for approximately HK$1.42 billion of the total assets of the company, about 96% of the total assets. If the license cannot be restored, this ruling may have a significant adverse impact on its financial position.