Jiaxin International Resources (3858.HK) swings wildly in Hong Kong as tungsten prices rally

Jiaxin International Resources (3858.HK) rose 1.1% in Hong Kong trading to HK$61.35, after the stock swung wildly — surging more than 5% within five minutes of the open before plunging over 3% — in a volatile session.

Tungsten prices have strengthened, with ZY-Tungsten raising its early-August 2026 purchase prices, signaling further upside. The US ban on tungsten scrap exports and rising demand from emerging sectors such as AI are also supporting the outlook, according to analysts.

The company previously guided first-half net profit of approximately HK$1.45 billion to HK$1.55 billion, swinging from a year-earlier loss, driven by a sharp rise in average tungsten concentrate selling prices. Jiaxin also plans to buy back up to HK$200 million worth of shares in the second half of the year.