The Zhitong Finance App learned that Jihai Resources (02489) rose nearly 18% at the end of the session, reaching a record high of HK$0.73. As of press release, it rose 17.74% to HK$0.73, with a turnover of HK$6.165,300.

According to the news, Jihai Resources recently announced that it has signed a letter of intent to acquire 70% of the shares in a target company. According to reports, the target company has mining licenses for three gold mines in Yantai City, Shandong Province, China, and is mainly engaged in gold ore mining, emergency rescue of mine safety accidents, preventive safety inspections, housing leasing, and foreign investment with its own capital. According to the announcement, the company aims to expand its market share through the selective acquisition of high-quality gold mining assets to strengthen business development, thereby improving overall business performance.

Additionally, the company will announce its 2023 results today. According to the prospectus, the overall revenue of Jihai Resources is on an upward trend. In the past three years, it was 360 million yuan, 240 million yuan and 410 million yuan respectively, with a compound annual growth rate of 7.6%. According to the Frost & Sullivan report, in terms of mine production, Jihai Resources is the third largest gold mining company in Shandong Province in 2022, with a market share of 2.6%.