CHINA HANKING (03788) climbed over 5% during trading. As of press time, the stock gained 5.5% to HK$4.41 with a trading volume of HK$14.8833 million.

According to company announcements, CHINA HANKING disclosed that on September 30, 2025, Hanking Gold (a non-wholly owned subsidiary of the company acting as issuer) entered into six subscription agreements with six subscribers (including the company). Under these agreements, a total of 436.55 million subscription shares will be subscribed at HK$2.62 per share.

Since the proposed spin-off will be conducted by way of introduction, Hanking Gold will not raise funds through the proposed spin-off. Therefore, as stated in the company's announcement dated September 22, 2025, the funds raised from Zijin Mining Group's strategic investment, together with the company's own capital injection (including the subscription), will form part of Hanking Gold's pre-IPO fundraising.

As of the announcement date, Hanking Gold is an investment holding company in which the company holds a 94.0% interest. Upon completion, Hanking Gold will be held 91.2% by the company and will continue as a non-wholly owned subsidiary before the proposed spin-off completion. After the spin-off completion, the company will distribute its Hanking Gold shares to shareholders, thereby establishing a parallel listing structure between the company and Hanking Gold.

The completion of the pre-IPO fundraising (including the subscription) will enable the company (including Hanking Gold) to demonstrate its capability to meet the funding requirements for Hanking Gold's future development of the Australian Cygnet and Mt Bundy gold mine projects (collectively referred to as the "Australian Gold Mine Projects").

The company subscribes for the subscription shares at the same subscription price as all other independent third-party subscribers to minimize the dilution impact on its equity interest in Hanking Gold and maintain fairness with all other independent strategic investors.