The stock of Jiaxin International Resources surged 6.65% during intraday trading on Wednesday, reflecting significant investor optimism.

The rally is primarily driven by positive developments in the tungsten market. Domestic tungsten prices have stabilized after a recent decline, with signs of trial price increases emerging across the supply chain. Analysis from CICC highlights that tungsten's strategic importance is strengthening amid a tight supply environment, supporting expectations for a price recovery. Furthermore, the United States is accelerating efforts to rebuild its domestic tungsten supply chain, fueled by long-term demand from high-intensity military ammunition consumption linked to the Middle East conflict.

As a company that derives all its revenue from white tungsten concentrate produced at its Bakuta mine in Kazakhstan, Jiaxin International Resources is a direct beneficiary of these favorable tungsten market trends. Additional positive sentiment stems from the company's recent signing of a non-binding memorandum of understanding to explore mineral resource development opportunities in Kazakhstan's Karaganda region, bolstering market expectations for its future growth trajectory.