HK Stock Market Move | JIAXIN INTL RES(03858) rises nearly 5% as the global scramble for tungsten resources heats up, with tungsten prices surging 9-fold in two years.

JIAXIN INTL RES(03858) rose nearly 5%, up 4.71% as of press time, at HK$55.55, with a turnover of HK$14.364 million. On the news front, on Monday, U.S. tungsten metal producer The Elmet Group Co. announced that the U.S. Department of War has committed to investing US$450 million in the company to accelerate ELMT's manufacturing capacity. ELMT stated that this investment will be used to enhance the company's tungsten production capacity in the U.S. and strengthen mining and processing capabilities. It is worth noting that due to tightening supply of tungsten raw materials, countries and enterprises around the world are currently scrambling to find long-term and short-term alternative supply sources. According to CCTV Finance, over a two-year period, prices of intermediate products in the international tungsten industry chain have risen about 9-fold. Recently, countries including the United States, the United Kingdom, Vietnam, and Zimbabwe have successively adjusted tungsten-related policies, and the global scramble for tungsten resources is heating up. SDIC Securities International previously noted that the company is a pure tungsten concentrate play in the Hong Kong stock market. Benefiting from an increase in the average selling price of tungsten concentrate and higher output in the first half of the year, the company turned around its net profit attributable to shareholders in the first half compared with the same period last year, achieving rapid growth.