HK Stock Market Move | Jiaxin International Resources (03858) surged over 6% in early trading, turning a loss into a profit of over 300 million Hong Kong dollars for the year due to a supply-demand mismatch driving tungsten prices higher.

JIAXIN INTL RES (03858) rose more than 6% in early trading, with a 6.23% increase as of the time of writing, reaching 121.1 Hong Kong dollars, with a turnover of 3.74 billion Hong Kong dollars. On the news front, JIAXIN INTL RES is set to release its annual performance on March 25. The company had previously announced that it expects the net profit attributable to equity holders to be approximately 3 billion Hong Kong dollars to 3.4 billion Hong Kong dollars in 2025, turning from a loss to a profit compared to the previous year. This is mainly due to the fact that the group had not yet started operations in 2024, resulting in losses without generating any income. The group began commercial production in April 2025 and recorded income for the first time, leading to a turnaround from loss to profit in the previous year. According to data from Shanghai Ganglian E-Commerce Holdings, in early March 2026, the price of 65% black tungsten concentrate surged to 104,500 yuan per ton, a nearly 128% increase from the beginning of 2026. Huayuan Securities stated that on the supply side, strict safety and environmental controls in mines, increased inspections during holidays and in major production areas have led to a decrease in the operating rate of domestic tungsten mines. On the demand side, with low inventories of raw materials in downstream industries such as cemented carbide and high-speed steel, companies are forced to adjust product prices frequently, driving the industry chain up and down, and pushing tungsten prices to continue to rise.