BRIEF: Copper miner Jinshun Resources jumps in Hong Kong trading debut
Shares of cathode copper producer Yunnan Jinshun Resources Co. Ltd. (3636.HK) opened 26.7% higher in their Hong Kong trading debut on Friday, and held on to most of the gains to close up 22.27% at HK$36.68 by the midday break.
The company said it offered 36.77 million shares at a price of HK$30 per share, raising net proceeds of HK$1.04 billion ($133 million). The Hong Kong public offering was 142 times oversubscribed, while the international sale was more than 11 times oversubscribed.
Jinshun manufactures high-quality cathode copper, with smelting operations primarily in the Democratic Republic of the Congo and Zambia. Leveraging the natural co-existence of copper and cobalt in African ore reserves, Jinshun is also actively expanding into downstream cobalt-related products.
The company reported revenue of about 964 million yuan ($138 million) in the first half of last year, up 61.7% year on year, while its net profit rose 45% to around 135 million yuan over that period.
By Lee Shih Ta
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