CHINA HANKING (03788) reversed sharply after a steep opening decline, surging more than 10% during the trading session. At the time of writing, the stock was up 8.47%, trading at HK$4.61, with a turnover of HK$93.5034 million.

The company announced a strategic adjustment, focusing its human and financial resources to fully support the development and production commencement of the Mt Bundy gold project, while maintaining stable production operations of its iron ore and high-purity iron businesses in China.

Acting as the platform for its gold business development, the company has terminated the previously proposed spin-off and separate listing plan for Hanking Gold.

Furthermore, to reflect the increased gold resources and reserves, and its strategic goal of becoming a mid-tier gold producer, the company intends to change its name to "Hanking Gold International Ltd."

Additionally, the company recently announced that, following the completion of the Phase 1 Pre-Feasibility Study for the Cygnet gold project and the updated Definitive Feasibility Study for the Mt Bundy gold project, an independent assessment by SRK China in accordance with listing rules showed a 53.1% increase in the combined ore reserve to 2.62 million ounces, with the JORC-compliant gold resource rising to 5.54 million ounces.