Group 1 - The core announcement is that China Rare Earth Holdings (03788) has completed the subscription agreement on September 29, 2025, with all conditions met [1] - A total of 75 million shares were successfully allocated and issued at a subscription price of HKD 3.13 per share [1] - The shares allocated represent approximately 3.69% of the company's issued share capital after the completion of the subscription [1] Group 2 - The subscription involved the issuance of 25 million shares to Zijin Global Fund and 50 million shares to Kingsoft [1]

中国罕王(03788)发布公告，认购协议所载的所有条件已获达成，认购事项已于2025年9月29日完成。根 据认购协议条款，共计7500万股认购股份已按每股认购股份3.13港元的认购价成功配发及发行予认购 方，其中包括：(i)向紫金全球基金(认购方一)配发及发行2500万股股份;及(ii)向金山(认购方二)配发及发 行5000万股股份。认购股份约占本公司于紧随认购事项完成后经配发及发行认购股份扩大后的已发行股 本之3.69%。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 03788 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 CHINA HANKING HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：03788） 完成根據一般授權發行新股份 董事會欣然宣佈，認購協議所載的所有條件已獲達成，認購事項已於二零二五年九 月二十九日完成。根據認購協議條款，共計75,000,000股認購股份已按每股認購股份 3.13港元的認購價成功配發及發行予認購方，其中包括：(i)向紫金全球基金（認購方 一）配發及發行25,000,000股股份；及(ii)向金山（認購方二）配發及發行50,000,000股 股份。認購股份約佔本公司於緊隨認購事項完成後經配發及發行認購股份擴大後的已 發行股本之3.69%。 – 1 – 本公告及其任何副本均不得直接或間接在美國境內，或在任何其他可能導致此類發佈或分發行為違法 的司法管轄區內發佈或分發。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告不構成在美國境內購買 ...

Core Viewpoint - Hong Kong steel stocks experienced significant gains in the afternoon trading session on September 29, with multiple companies showing notable increases in their stock prices [1] Company Summaries - China Hanking Holdings (03788.HK) saw its stock price rise by 5.3%, reaching HKD 4.37 [1] - Maanshan Iron & Steel Company (00323.HK) increased by 4.92%, with a stock price of HKD 2.56 [1] - China Oriental Group (00581.HK) rose by 4.69%, trading at HKD 1.34 [1] - Ansteel Company (00347.HK) experienced a 4.33% increase, with its stock priced at HKD 2.17 [1]

Group 1 - Steel stocks saw significant gains, 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 Stabilization and Growth 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 pathway for structural adjustment and high-quality development in China's steel industry [1] - The work plan includes measures for precise control of capacity and output, promoting graded management of steel enterprises, prohibiting new capacity, and guiding resource allocation towards competitive enterprises to achieve dynamic balance between supply and demand [1] Group 2 - Guosheng Securities reported that from January to August 2025, the total profit of large-scale industrial enterprises nationwide reached CNY 46,929.7 million, a year-on-year increase of 0.9% [2] - The profit of the black metal smelting and rolling processing industry totaled CNY 837 million from January to August, 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 expectations of transformation and upgrading, along with a trend of improving demand, indicating a positive long-term outlook for steel fundamentals [2]

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。 ...