HK Stock Market Move | CHINA HANKING (03788) once rose over 17%, selling all the equity of Australian gold exploration company Primary Gold for over 300 million Australian dollars.

China Hanking (03788) rose more than 17% in the afternoon, up 6.82% as of the time of writing, at HKD 0.94, with a trading volume of 7.1097 million Hong Kong dollars. On the news front, China Hanking announced at noon that its subsidiary HGM Resources Pty Ltd has reached an agreement with buyer Huineng Gold Pty Ltd to sell its wholly-owned Australian gold exploration and development company, Primary Gold, for a total price of 300 million Australian dollars, plus 3.1166 million Australian dollars in environmental bonds. The group expects to receive unaudited revenue of approximately 150 million Australian dollars from the sale of shares. About two-thirds of the net proceeds from the sale of shares will be used to become a sustainable gold production company, including but not limited to gold resource and ore reserve growth work on the Cygnet Gold Mine project, licenses, and mine development; about one-third will be used to distribute dividends.