Shares of China Hanking (03788) fell more than 7% during the morning session before reversing course in the afternoon. As of the time of writing, the stock was up 5.38%, trading at HK$4.9, with a turnover of HK$152 million. The catalyst for the move was the company's announcement of a share subscription and placement to fund the development of its Mt Bundy gold project in Australia. The company raised over HK$770 million net from the placement, which was priced at a discount exceeding 18%. Dr. Qiu Yumin, the company's Executive Director, President, and CEO, stated, "We are very pleased to see leading gold enterprises such as Zijin Mining Group and Zhaojin Group, as well as reputable long-term Chinese funds, providing timely support for our development strategy in this fundraising. Going forward, we will focus on developing the Mt Bundy gold project into a producing mine and creating value for all stakeholders as soon as possible." Notably, China Hanking announced a strategic shift, pledging to concentrate its human and financial resources to fully support the development and commissioning of the Mt Bundy gold project, while maintaining stable production operations of its iron ore and high-purity iron businesses in China. Consequently, the company, serving as the platform for its gold business development, has terminated the previously planned spin-off and separate listing plan for Hanking Gold. Additionally, the company proposed changing its name to "Hanking Gold International Limited."