HK Stock Market Move | JIAXIN INTL RES (03858) surged another 8% in the late trading session, buoyed by positive mid-term profit forecasts and share buybacks that boosted investor confidence. Geopolitical risks have led to a resilient tungsten price.

JIAXIN INTL RES (03858) saw an increase of 8% in late trading; as of this writing, it is up 7.69%, priced at HKD 63.7, with a trading volume of HKD 208 million. In terms of news, JIAXIN INTL RES previously announced a profit warning, projecting that the net profit attributable to equity holders for the first half of 2026 will be approximately HKD 1.45 billion to HKD 1.55 billion, a significant turnaround from a loss in the same period last year, mainly due to the fact that commercial production only started last year with less than two months of production time; during this period, the average selling price of tungsten concentrate has increased significantly. The company recently announced plans to use up to HKD 200 million for a share repurchase program in the second half of the year, which is expected to further boost market confidence. Woe Mining Securities noted that the rising geopolitical risks have increased the elasticity of tungsten prices. The core characteristics of the tungsten market in the short term include a recovery in domestic demand, a shortage of supply externally, and cautious downstream procurement. The domestic supply and demand continue to maintain a weak balance, but if the geopolitical situation further deteriorates, the linkages with global military and strategic reserve demands could lead to a potential increase in tungsten price levels.