HK Stock Market Move | GLOBAL NEW MAT (06616) closes up over 6% at the end of the day. Recently, the ignition line of a project in Zhejiang Tonglu with an annual production of 100,000 tons of artificial synthetic mica has been activated.

GLOBAL NEW MAT (06616) rose by over 6% at the close, rising 6.34% to 7.88 Hong Kong dollars with a turnover of 24.35 million Hong Kong dollars as of the time of writing. On the news front, according to Securities Times, GLOBAL NEW MAT recently held a ignition ceremony for its synthetic mica project with an annual production capacity of 100,000 tons in Tonglu County, Zhejiang Province. This marks the official entry of the production capacity layout focused on key new materials into the production and operation preparation stage. GLOBAL NEW MAT stated that after the Tonglu project is put into operation, it will provide stable and high-quality synthetic mica core materials for the company's global supply chain, effectively addressing the high procurement cost of natural mica and ESG procurement premiums, strengthening the company's independent supply capabilities from the raw material side, optimizing cost structures, and enhancing supply chain resilience. It is understood that the current shortage of high-end synthetic mica demand has become an industry trend, with synthetic mica replacing natural mica becoming an industry consensus. Publicly available information shows that over 70% of global natural mica supply relies on India, and high-grade resources are gradually depleting; coupled with ESG-related issues in natural mica mining, international companies' procurement and review costs are constantly rising, highlighting the high concentration and insufficient stability of the supply chain.