JIAXIN INTL RES (03858) saw its shares rise more than 9% during the morning session. At the time of writing, the stock was up 6.58%, trading at HK$113.40, with a turnover of HK$466 million.

Over the past two weeks, the price of wolframite concentrate fell by 4.30% to RMB 1.001 million per tonne, while the price of ammonium paratungstate dropped by 1.98% to RMB 1.485 million per tonne. Industrial Securities noted that the underlying trend of high tungsten prices remains unchanged, with the strategic value of the resource continuing to stand out. The firm highlighted that high-end demand from the military and semiconductor sectors remains robust. Tungsten alloy, a core material for armor-piercing projectiles and heat-resistant components in hypersonic missiles, could see increased military demand if conflicts in the Middle East persist.

Public information shows that the core asset of JIAXIN INTL RES is the Baktaw Tungsten Mine located in Kazakhstan. According to the company's annual report, revenue for 2025 reached HK$1.063 billion, and profit attributable to shareholders was HK$305 million, marking a turnaround from a loss in the previous year. The group did not generate any revenue in the prior year. Following the commencement of commercial production in April 2025, the group recorded revenue of HK$1.063 billion for the year from the sale of tungsten concentrate.