China's Zhaojin Mining surges on raising stake in takeover target Tietto

Zhaojin Mining Industry Co

26/04/2024 04:04

** Shares of China's Zhaojin Mining Industry  1818.HK  surge
7.4% to HK$13.42, their highest since April 15, and on course
for their third straight session of gains
    ** Stock set for its biggest one-day rise since March 28;
biggest pct gainer on Hong Kong's material index  .HSCIM  
    ** Zhaojin Mining's unit Zhaojin Capital has increased its
voting power in Tietto Minerals  TIE.AX  to 23.22% from 16.24%,
an exchange filing from the Australian gold miner showed on
Friday
    ** Earlier this month, the Chinese gold miner had sweetened
bid to buy the rest of the shares it does not already own in
Tietto and the takeover would see Zhaojin Mining expand its
business operations oversees if it goes through
    ** Stock of Tietto Minerals gains 0.4%  
    ** Hong Kong's material index  .HSCIM  surges 3.1%, while
Hang Seng Composite Index  .HSCI  and Hang Seng Index  .HSI 
both rise 1.6% 
    ** Zhaojin Mining stock up 38% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))