HK Stock Market Move | Yankuang Energy Group (01171) rose more than 4% in early trading. The sales volume of commodity coal in the first quarter increased by 3.07% year-on-year. Yancoal Australia acquires Australian coal mines.

Yankuang Energy Group (01171) rose more than 4% in early trading. As of the time of writing, it has risen by 4.52% to HK$14.77, with a trading volume of HK$1.21 billion. On the news front, Yankuang Energy Group released its operating data for the first quarter. The data shows that the company's coal sales volume in the quarter reached 39.53 million tons, an increase of 3.07% compared to the same period last year, with self-produced coal sales volume at 37.97 million tons, a year-on-year increase of 1.49%. In terms of chemical products, methanol sales volume was 1.134 million tons, an increase of 2.06% year-on-year, while ethyl acetate sales volume was 49,700 tons, a decrease of 46.08% year-on-year. In addition, Yankuang Energy Group's subsidiary Yancoal Australia is planning to acquire 100% equity of Australia's Hunchun Coal Group for up to US$2.4 billion, indirectly acquiring an 80% stake in the Hunchun coal mine. The transaction price includes an initial cash consideration of US$1.85 billion and contingent cash consideration of up to not more than US$550 million. After the transaction is completed, Yancoal Australia's profitability and sustainable development capabilities will be greatly enhanced, further unleashing the synergistic effects of Yankuang Energy Group in both domestic and international markets and two types of resources.