JIAXIN INTL RES (03858) saw its shares climb another 8% in late trading, currently up 7.69% at HK$63.7 with a turnover of HK$208 million.

On the news front, JIAXIN INTL RES previously issued a profit alert, forecasting a net profit attributable to equity holders of approximately HK$1.45 billion to HK$1.55 billion for the first half of 2026, marking a significant turnaround from a loss in the same period last year. This improvement is mainly due to the fact that the company only began commercial production in the comparative period, which had been operating for less than two months, while the average selling price of tungsten concentrate has risen sharply during the current period.

The company recently announced plans to allocate up to HK$200 million for a share buyback program in the second half of the year, further boosting market confidence. According to China Minmetals Securities, rising geopolitical risks are driving tungsten price volatility. In the short term, the core characteristics of the tungsten market include domestic demand recovery, overseas supply shortages, and cautious downstream purchasing. While domestic supply and demand remain in a fragile balance, if geopolitical tensions worsen, global military and strategic stockpile demand could align, potentially pushing the tungsten price center higher again.