On September 15, JIAXIN INTL RES rose 5.28% in regular trading, trading at HK$56.25 per share, with turnover of approximately HK$19.52 million, outperforming the broader Diversified Metals & Mining sector.

On the news front, global competition for tungsten resources is intensifying, with tungsten prices surging ninefold over the past two years. Zimbabwe recently announced an immediate ban on antimony and tungsten exports, further tightening supply-side constraints. The company reported robust first-half results, with revenue of HK$2.703 billion, up 2,039.9% year-over-year, and net profit attributable to equity holders of HK$1.538 billion, marking a significant turnaround from losses. Production of 65% white tungsten concentrate exceeded 4,000 tonnes during the period. UBS initiated coverage with a Buy rating and a target price of HK$88.7, projecting concentrate output to rise to 11,100 tonnes by next year as second-phase capacity ramps up, with gross margin expected to reach 77% by the following year. The company also declared an interim dividend of HK$1.87 per share and announced a share buyback plan of up to HK$200 million.

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