HK Stock Market Move | CHINA HANKING (03788) rose over 6% in early trading. Hanking Gold has previously completed pre-fundraising through a public offering.

CHINA HANKING (03788) rose more than 6% in the morning trading session, with an increase of 5.52% as of the time of writing, reaching 3.82 Hong Kong dollars, with a trading volume of 9.7086 million Hong Kong dollars. On the news front, CHINA HANKING announced in July of this year that it plans to spin off its subsidiary "Hanking Gold" through an introduction to the listing on the main board of the Hong Kong Stock Exchange. Hanking Gold Limited announced on September 30 that the initial public offering fundraising has been completed. The prerequisites stated in the subscription agreement have been met, and the subscription was completed on October 13. Hanking Gold received proceeds of approximately HK$1.14 billion through the subscription. The announcement disclosed that the funds raised from the initial public offering fundraising will be used to develop the gold mine project in Australia. Hanking Gold will continue to operate as a non-wholly owned subsidiary of the company until the proposed spin-off is completed, and the company will distribute its holdings of Hanking Gold shares to shareholders (including Zijin Mining Group) on a record date to be announced, thereby creating a parallel listing structure for the company and Hanking Gold.