Honghai Hi-Tech Resources (00065) crashed and plummeted at the end of the last trading day, closing down 81% on the same day. The stock rebounded more than 45% in early trading. As of press time, it had risen 32.08% to HK$0.14, with a turnover of HK$145.325 million.
The Zhitong Finance App learned that Honghai Hi-Tech Resources (00065) crashed and plummeted at the end of the last trading day, closing down 81% on the same day. The stock rebounded more than 45% in early trading. As of press time, it had risen 32.08% to HK$0.14, with a turnover of HK$145.325 million.
According to the news, Honghai Hi-Tech Resources stated that it had no knowledge of any reason for the fluctuation in stock prices or trading volume, and confirmed that there had been no major changes in business operations or financial conditions after reasonable inquiry.
According to reports, Honghai Hi-Tech Resources announced earlier that it would acquire all of the shares of Taishan Jiujiu Investment and Trade (target company) in Laos and subscribe to the subscription shares issued by the target company, at a total cost of 70 million yuan (about 75.71 million Hong Kong dollars). The target company is mainly engaged in mining and related activities. As of the announcement date, the beneficiation plant with a daily beneficiation capacity of 1,000 tons is under construction. It is expected to be completed by the middle of this year and put into operation in the 3rd quarter.