Jihai Resources (02489) rose by more than 15%, reaching a new listing high of HK$0.99. As of press release, it rose 15.12% to HK$0.99, with a turnover of HK$2,514,400.
The Zhitong Finance App learned that Jihai Resources (02489) rose by more than 15%, reaching a new listing high of HK$0.99. As of press release, it rose 15.12% to HK$0.99, with a turnover of HK$2,514,400.
According to the news, Jihai Resources recently announced that it has signed a letter of intent to acquire 70% of the shares in a target company. According to reports, the target company has mining licenses for three gold mines in Yantai City, Shandong Province, China, and is mainly engaged in gold ore mining, emergency rescue of mine safety accidents, preventive safety inspections, housing leasing, and foreign investment with its own capital. According to the announcement, the company aims to expand its market share through the selective acquisition of high-quality gold mining assets to strengthen business development, thereby improving overall business performance.
According to the prospectus, Jihai Resources is a gold exploration, mining and processing company that sells gold ingots made from gold concentrate processed by the company, mainly Au99.95 gold ingots. According to Frost & Sullivan's report, Jihai Resources is the third largest gold mining company in Shandong Province in 2022, with a market share of 2.6% (in terms of mine production), but in terms of gold production, the combined market share of the two major players is about 78.3%.