Lingbao Gold's stock plummeted 5.09% during intraday trading on Wednesday, marking a significant decline for the gold miner.

The sharp drop came after the company disclosed in a Hong Kong bourse filing that its first-quarter 2026 profit, while expected to be broadly stable at not less than 250 million yuan, was offset by a non-cash loss of approximately 260 million yuan from fair value changes in convertible bonds. The company emphasized that steady operations and higher gold prices supported its performance during the period.

Although Lingbao Gold characterized the convertible bond-related impact as one-off in nature and stated it does not affect underlying operations or cash flow, investors appeared to react negatively to the sizable loss figure mentioned in the filing.