Group 1 - Steel stocks saw significant gains in the afternoon, with China Hanking (03788) up 5.3% to HKD 4.37, Maanshan Iron & Steel (00323) up 4.92% to HKD 2.56, China Oriental Group (00581) up 4.69% to HKD 1.34, and Ansteel (00347) up 4.33% to HKD 2.17 [1] - The Ministry of Industry and Information Technology and other departments issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry's added value over the next two years [1] - The plan emphasizes "stabilizing growth and preventing internal competition," providing a clear implementation path for structural adjustment and high-quality development in China's steel industry [1] Group 2 - From January to August 2025, profits of large-scale industrial enterprises reached CNY 46,929.7 million, a year-on-year increase of 0.9% [2] - The black metal smelting and rolling industry reported a total profit of CNY 837 million from January to August 2025, compared to a loss of CNY 169.7 million in the same period last year [2] - In August 2025, the industry's profit reached CNY 193.4 million, an increase of CNY 12.6 million from the previous month, marking a new monthly profit high for the year [2] - The industry's profit is expected to continue improving due to supply-side adjustments and transformation upgrades, along with a trend of improving demand, indicating a positive long-term outlook for steel fundamentals [2]

Investment Rating - The report does not provide a specific investment rating for the company China Rare Earth Holdings (3788) [4]. Core Insights - The strategic investment by Zijin Mining Group in China Rare Earth Holdings is expected to accelerate project development and enhance the company's market image, potentially attracting more international investors [4]. - The funds raised from the share subscription will be used to support the development of the company's Australian gold mining projects, marking a significant step towards converting resource potential into actual production and cash flow [4]. Company Overview - China Rare Earth Holdings has been operating gold mining projects in Australia for 14 years, with significant resource growth achieved through acquisitions and operational experience [7]. - The company currently holds two gold mining projects, Mt Bundy and Cygnet, with updated resource estimates indicating a total of 5.07 million ounces of gold, of which 3.1 million ounces are recoverable [7][10]. - The Mt Bundy project is expected to commence construction in the first half of 2027 and is projected to start production by 2030, with an average annual output of approximately 150,000 ounces in the first ten years [10]. - The Cygnet project is anticipated to be completed by the end of 2027, with an initial service life of nine years and an average annual output of 91,000 ounces [15]. Financial Projections - The Mt Bundy project has a projected capital expenditure of AUD 437 million and an average all-in sustaining cost (AISC) of AUD 1,739 per ounce, which is below the industry average [10]. - The Cygnet project has a net present value of AUD 227 million based on a gold price assumption of AUD 3,750 per ounce, with potential increases in value if gold prices rise [15].

Core Viewpoint - China Rare Earth Holdings (03788) saw its stock price increase by over 10%, reaching a new high of HKD 4.58, with a current trading price of HKD 4.54 and a trading volume of HKD 12.62 million [1] Group 1: Company Actions - China Rare Earth announced a placement of 75 million shares to Zijin Mining's subsidiary, Zijin Global Fund and Jingshan, at a price of HKD 3.13 per share, raising approximately HKD 231 million, which will be used alongside the company's own funds to support the development of its gold mining project in Australia [1] - Following the placement, Zijin Mining will hold a 3.69% stake in China Rare Earth's expanded issued share capital [1] Group 2: Strategic Developments - In July, China Rare Earth announced plans to spin off its subsidiary "Rare Earth Gold" for independent listing on the Hong Kong Stock Exchange through an introduction listing [1] - First Shanghai indicated that the spin-off will create a parallel listing structure, allowing existing shareholders to hold shares in both China Rare Earth (iron ore business) and Rare Earth Gold (gold business) without additional investment [1] - The spin-off aims to establish an independent capital platform for the gold business and facilitate valuation recovery for the gold segment [1] - The company plans to introduce long-term strategic investors before the spin-off and will use the raised funds for the construction of the Cygnet gold mine project in Western Australia [1]

消息面上，中国罕王公布，向紫金矿业(02899)旗下的紫金环球基金及金山配售合共7500万股，配股价 3.13港元，所得款项净额将约为2.31亿港元，将与公司自有资金一同用于支持罕王黄金开发澳洲金矿项 目。此外，配售完成后，紫金矿业将持有该公司3.69%扩大后已发行股本。 值得注意的是，中国罕王今年7月宣布，计划通过介绍上市方式将子公司"罕王黄金"分拆至香港联交所 主板独立上市。第一上海表示，分拆后，公司将形成平行上市结构，现有股东无需额外出资即可同时持 有中国罕王(铁矿业务)和罕王黄金(黄金业务)的股份。此举旨在打造一个独立的黄金业务资本平台，推 动黄金业务估值修复。此外，公司计划在分拆前引入长期战略投资者，并将融资金用于西澳Cygnet金矿 项目的建设。 智通财经APP获悉，中国罕王(03788)涨超10%，高见4.58港元再创新高。截至发稿，涨9.93%，报4.54港 元，成交额1261.59万港元。 ...

来源：瑞恩资本 中国罕王是次配售募资净额2.31亿元，与公司自有资金一同用于支持罕王黄金开发澳洲金矿项目。 中国罕王(03788.HK)公布，向紫金矿业(02899.HK)旗下的紫金环球基金及金山配售合共7500万股，配股 价3.13港元，募资2.35亿港元。 配售完成后，紫金矿业将持有该公司3.69%扩大后已发行股本。 | | 於本公告日期 | | 紧接認購事項完成後 | | | --- | --- | --- | --- | --- | | | | 佔本公司 | | 佔本公司 | | | | 已發行 | | 已發行 | | | | 普通股本 | | 普通股本 | | 股東 | 股份數量 | 的百分比 | 股份數量 | 的百分比 | | 控股股東持有股份 | | | | | | Bisney Success Limited(1) | 733,360,500 | 37.42% | 733.360.500 | 36.04% | | Tuochuan Capital Limited(1) | 619,701,166 | 31.62% | 619.701.166 | 30.45% | | China Hanking ...

消息面上，中国罕王宣布，分别向紫金矿业（601899）两附属紫金环球基金及金山，发行2500万股及 5000万股认购股份，占扩大后股本约3.69%，发行价每股3.13港元，较9月22日收市价3.67港元折让约 14.7%，所得款项总额约2.3475亿港元，净额约2.3145亿港元，拟与该公司自有资金一同用于支持罕王 黄金开发澳洲金矿项目。 公告指出，公司正在分拆其附属公司Hanking Gold Limited(罕王黄金)于香港联交所主板上市。在此过程 中，为满足罕王黄金未来开发澳大利亚金矿项目的资金需求，公司计划增加罕王黄金的资本。认购事项 募集的资金将连同公司自有资金以增资形式注入罕王黄金，以支持澳大利亚金矿项目的开发。 中国罕王(03788)涨超17%，盘中高见4.48港元创新高。截至发稿，涨17.44%，报4.31港元，成交额 1162.22万港元。 ...

公告指出，公司正在分拆其附属公司Hanking Gold Limited（罕王黄金）于香港联交所主板上市。在此 过程中，为满足罕王黄金未来开发澳大利亚金矿项目的资金需求，公司计划增加罕王黄金的资本。认购 事项募集的资金将连同公司自有资金以增资形式注入罕王黄金，以支持澳大利亚金矿项目的开发。 消息面上，中国罕王宣布，分别向紫金矿业两附属紫金环球基金及金山，发行2500万股及5000万股认购 股份，占扩大后股本约3.69%，发行价每股3.13港元，较9月22日收市价3.67港元折让约14.7%，所得款 项总额约2.3475亿港元，净额约2.3145亿港元，拟与该公司自有资金一同用于支持罕王黄金开发澳洲金 矿项目。 智通财经APP获悉，中国罕王(03788)涨超17%，盘中高见4.48港元创新高。截至发稿，涨17.44%，报 4.31港元，成交额1162.22万港元。 ...

Group 1 - The core point of the article is that China Hanking has entered into subscription agreements with two investors, Zijin Global Fund and Kingsoft, to issue new shares at a discounted price [1] - China Hanking will issue 25 million shares to Zijin Global Fund and 50 million shares to Kingsoft, representing approximately 3.69% of the company's enlarged issued share capital [1] - The subscription price of HKD 3.13 per share is about 14.7% lower than the closing price of HKD 3.67 on September 22 [1] Group 2 - The total amount expected to be raised from this subscription is approximately HKD 235 million, with a net amount of about HKD 231 million [1] - The net proceeds, along with the company's own funds, will be used to support the development of Hanking's gold mining project in Australia [1]

Core Viewpoint - China Hanking Holdings Limited (03788.HK) has entered into a subscription agreement to issue shares at a price of HKD 3.13 per share, which represents a discount of approximately 14.7% from the closing price of HKD 3.67 on the date of the agreement [1][2] Group 1 - The subscription involves two parties: Zijin Global Fund, which will subscribe for 25 million shares, and Kingsoft, which will subscribe for 50 million shares [1][2] - The total amount raised from the subscription is expected to be approximately HKD 234 million, with a net amount of about HKD 231 million after expenses [1][2] - The shares to be issued represent approximately 3.83% of the existing issued share capital and about 3.69% of the enlarged issued share capital post-issuance [1][2] Group 2 - The net proceeds from the subscription will be used alongside the company's own funds to support the development of gold mining projects in Australia, specifically the Cygnet and Mt Bundy projects [2] - The company is in the process of spinning off its subsidiary Hanking Gold Limited for a listing on the Hong Kong Stock Exchange, aiming to meet future funding needs for the Australian gold mining projects [2] - The terms of the subscription agreement are considered fair and reasonable, aligning with the overall interests of the company and its shareholders [2]

格隆汇9月22日丨中国罕王(03788.HK)宣布，公司于2025年9月22日与认购方订立认购协议，据此，公司 有条件同意发行及配发，而(i)紫金环球基金(认购方一)有条件同意按每股认购股份3.13港元的认购价认 购2500万股认购股份；及(ii)金山(认购方二)有条件同意按每股认购股份3.13港元的认购价认购5000万股 认购股份。每股3.13港元的较认购协议日期在香港联交所报价的每股收市价3.67港元折让约14.7%; 紫金环球基金(认购方一)为一家通过金山资产管理(为紫金矿业集团的全资附属公司)进行管理的基金。 金山(认购方二)为紫金矿业集团的全资附属公司。紫金矿业集团为一家在中国注册成立的公司，其股份 在香港联交所主板(股份代号：02899)和上海证券交易所(股份代号：601899)上市。认购方一及认购方二 均不会在紧接完成后成为公司的主要股东。 公司拟将认购事项所得款项净额与公司自有资金一同用于支持罕王黄金开发澳大利亚金矿项目。本次发 行认购股份是为了开发位于澳大利亚的Cygnet及MtBundy金矿项目。公司正在分拆其附属公司Hanking Gold Limited(「罕王黄金」)于香港联交所主板 ...