HK Stock Market Move | Jl Mag Rare-Earth (06680) rose more than 10% in the afternoon. Reports say the company has obtained a general export license for rare earths.

Jl Mag Rare-Earth (06680) rose more than 10% in the afternoon. As of the time of writing, it was up 9.69% at 20.72 Hong Kong dollars, with a turnover of 4.11 billion Hong Kong dollars. On the news front, according to Securities Times, reporters learned from informed sources that Jl Mag Rare-Earth and two other rare earth permanent magnet enterprises have obtained general export licenses. Reportedly, on the 4th, Ministry of Commerce spokesman, He Yadong, stated that the Chinese government is conducting export control on rare earth-related items in accordance with the law and regulations. As long as the export application is compliant and for civilian use, the Chinese government promptly approves it. Meanwhile, the Chinese government actively applies general licenses and other facilitation measures to promote compliant trade in dual-use items, effectively safeguarding global production and supply chain security and stability. Industry insiders believe that the use of general export licenses will simplify the export process for rare earth permanent magnet enterprises, accelerate delivery speed, and benefit the recovery of downstream demand in the rare earth permanent magnet industry.