HK Stock Market Move | JIANGXI COPPER (00358) rose over 4% in the afternoon. The company has increased its price to acquire SolGold, and its resource reserves are expected to significantly enhance.

Jiangxi Copper (00358) rose more than 4% in the afternoon, up 4.2% to HK$36.68, with a turnover of HK$737 million. On the news front, last Friday, Jiangxi Copper once again raised its acquisition offer for the UK-listed company SolGold to 28 pence per share, with a total value of approximately GBP 842 million (USD 1.13 billion). This is the third offer Jiangxi Copper has made in three weeks. If this acquisition is successful, it will significantly enhance Jiangxi Copper's resource reserves and is expected to double its future copper production. SolGold's core asset is the Cascabel copper-gold project in Ecuador, which is considered one of the top undeveloped copper-gold deposits globally. Citigroup released a research report stating that although it is expected that Jiangxi Copper's copper smelting business gross profit will decline next year, and the long-term smelting and refining business faces downward pressure, the increase in copper, gold, and sulfuric acid prices is expected to drive the company's overall gross profit up next year. The bank believes that the current valuation is attractive, and maintains a "buy" rating on both A shares and H shares.