HK Stock Market Move | CHINA HANKING (03788) rebounds by over 10% after sharp decline, company announces strategic adjustment, recent update on JORC gold resources.

CHINA HANKING (03788) opened sharply lower and then rebounded, rising more than 10% during the trading session. As of the time of writing, it was up 8.47% at 4.61 Hong Kong dollars, with a trading volume of 93.5034 million Hong Kong dollars. On the news front, CHINA HANKING announced a strategic adjustment to focus manpower and financial resources on supporting the development and production of the Mt Bundy gold mine project, while maintaining stable production and operation of its Chinese iron ore and high-purity iron business. The company, as a platform for the development of its gold business, has terminated its previously planned spin-off listing of the Hanwang gold business. Additionally, to reflect the increased gold resources and reserves of the company, as well as its strategic goal of becoming a mid-sized gold producer, it plans to change its name to "Hanwang Gold International Limited." Furthermore, the company recently announced that the combined ore reserves have increased by 53.1% to 2.62 million ounces, and the JORC gold resources have increased to 5.54 million ounces, following the completion of the first stage pre-feasibility study for the Cygnet gold mine project and the update of the final feasibility study for the Mt Bundy gold mine project, as assessed independently by SRK China experts in accordance with listing rules.