HK Stock Market Move | Hanking Gold (03788) soared more than 8% in early trading. The company plans to invest over 800 million Hong Kong dollars to acquire the equity of the gold business in order to achieve 100% ownership.

HANKING GOLD (03788) rises more than 8% in early trading, up 8.33% as of press time, trading at 3.77 Hong Kong dollars with a turnover of 11.9723 million Hong Kong dollars. On the news front, HANKING GOLD announced its plan to acquire the remaining 9.56% stake in HANKING GOLD Limited for 814.6 million Hong Kong dollars. Upon completion, the company will own 100% equity of high-value gold assets in Australia, including 5.54 million ounces of gold resources and 2.62 million ounces of gold reserves in compliance with the JORC (2012) specification, marking a further step towards becoming a medium-sized gold producer. According to publicly available information, in January this year, China Hanwang announced the termination of the original HANKING GOLD spin-off plan and instead focused on its gold business under the platform of the parent company to avoid lengthening approval cycles, accelerate the production and value realization of Mt Bundy; the company plans to change its name to "HANKING GOLD International Limited" to enhance its positioning as a "medium-sized gold producer"; Dr. Qiu Yumin was appointed as Executive Director, President, and CEO, and Mr. Xia Zhou as Chairman of the Board. In addition, the company's Chinese stock abbreviation has been changed from "China Hanwang" to "HANKING GOLD".