On June 18, MMG Limited rose 3.15% in regular trading, trading at HK$8.76/share, with turnover of approximately HK$120 million.

On the news front, Jefferies issued a research note stating that MMG Limited's fundraising of approximately US$1.6 billion through a combination of share placement and convertible bond issuance is positive for the company's mid-to-long-term growth and strategic positioning. The investment bank noted that this hybrid structure lowers the company's weighted average cost of capital (WACC) while preserving full leverage to copper prices. Although the placement may exert short-term pressure on the share price, Jefferies maintained a Hold rating with a target price of HK$10, noting potential upside in a rising copper price environment.

The company previously placed approximately 706 million new shares at HK$8.88 per share, representing a discount of approximately 8.8%, and issued US$800 million in zero-coupon convertible bonds. Proceeds are earmarked for loan refinancing, project expansion, and strategic acquisitions. Separately, JP Morgan recently initiated coverage with an Overweight rating and a target price of HK$13, citing MMG's high earnings sensitivity to copper prices and improving balance sheet strength.

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