JIAXIN INTL RES (03858) rose more than 7%, reaching a high of HK$92.25 to set a new record since its listing, with its total market capitalization surpassing HK$40 billion. As of the time of writing, the stock was up 7.73% at HK$92, with a turnover of HK$170 million.

On the news front, according to China Tungsten Online, the price of tungsten powder surged past the 1.4 million yuan mark today. Additionally, the price for 65% black tungsten concentrate was reported at 570,000 yuan per metric ton unit, a 23.9% increase since the start of the year; the price of ammonium paratungstate (APT) was quoted at 845,000 yuan per ton, up 26.1% year-to-date.

First Shanghai stated that the company is a rare pure tungsten mining play in the market, and its current share price offers a high margin of safety and attractiveness. A CICC research report noted that the company focuses on operating the Bakuta Tungsten Mine in Kazakhstan and maintains a firm positive outlook. Reasons cited include the expectation that the global tungsten supply-demand dynamic will remain tight, potentially leading to a steady rise in the central tungsten price level, and that the company's four core advantages position it to become a highly internationally competitive mining leader in Central Asia.