CHINA HANKING (03788) surged more than 10%, reaching a record high of HK$5.49. At the time of writing, the stock was up 9.82% at HK$5.48, with a turnover of HK$83.7349 million. On January 14, CHINA HANKING announced the termination of the original spin-off plan for Hanking Gold. Instead, the company will utilize the parent entity as the platform to focus on its gold business, aiming to avoid prolonged approval cycles and accelerate the commissioning and value realization of the Mt Bundy project. The company intends to change its name to "Hanking Gold International Limited" to reinforce its positioning as a "mid-tier gold producer." Dr. Qiu Yumin has been appointed as an Executive Director, President, and CEO, while Mr. Xia Zhuo assumes the role of Board Chairman. Notably, CHINA HANKING announced a share subscription and placement to fund the development of the Mt Bundy gold project in Australia. The company raised over HK$770 million net from the placement, which was conducted at a discount exceeding 18%. Dr. Qiu Yumin 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, support our development strategy through this fundraising at an opportune time. Going forward, we will focus on developing the Mt Bundy gold project into a producing gold mine and creating value for all stakeholders as soon as possible."