HK Stock Market Move | LYGEND RESOURCE (02245) rose over 5% in late trading; leading nickel companies deny rumors of joint production cuts; the company's net profit for the first three quarters may increase by more than 50%.

LYGEND RESOURCE (02245) rose over 5% in late trading. As of press time, it was up 5.47% at HK$15.81, with a turnover of HK$46.488 million. On the news front, recent media reports said that several Chinese nickel producers, represented by Tsingshan Holding Group, GEM Co.,Ltd., LYGEND RESOURCE and Zhejiang Huayou Cobalt, plan to hold a meeting this week to discuss cutting production at their Indonesian operations. A Cailian Press reporter, in the capacity of an investor, sought verification from several related companies and industry-chain companies, and all parties denied having attended such a meeting earlier this week. However, some industry insiders said the rumor is not entirely unfounded, as some leading companies do have intentions to cut production, but the scale is far from what the rumor suggests. It is worth noting that LYGEND RESOURCE was listed on the main board of the Shenzhen Stock Exchange on September 30, marking the completion of an "A+H" dual capital platform layout by this global leader in the nickel industry chain. LYGEND RESOURCE previously said it expects net profit attributable to shareholders for the first three quarters to be approximately 3.15 billion yuan to 3.25 billion yuan, up about 54.0% to 58.9% year on year; operating revenue is expected to be approximately 38.0 billion yuan to 42.0 billion yuan, up about 27.9% to 41.4% year on year.