JIAXIN INTL RES (03858) surged more than 4% again, reaching a high of HKD 57.9 and setting a new record high since its listing. As of the time of writing, the stock was up 4.47%, quoted at HKD 52,956,200.

The catalyst for the move was an announcement from JIAXIN INTL RES stating that its subsidiary, ZV, through a public tender, has entered into mining service procurement agreements with CCECC's Kazakhstan branch. Subsidiary ZV will carry out stripping and mining work for the open-pit mining operations during the production phase of the Bakhuta Tungsten Mine project for CCECC Kazakhstan Branch. The total contract value is 14.9 billion Tenge (including tax), equivalent to approximately HK$227 million.

First Shanghai released a research report noting that JIAXIN INTL RES's core asset is the Bakhuta Tungsten Mine project. The company's business model covers the entire tungsten mining chain, including exploration, mining, processing, and sales, with its primary product being tungsten concentrate.

The brokerage believes the company is at a critical inflection point for value realization, possessing a world-class core asset where its resource endowment lays a solid foundation for long-term growth. It views the company as a rare pure-play tungsten mining stock in the market, with the current share price offering a highly attractive margin of safety.