Jiaxin International Resources gains 4.2% on tungsten price rebound

Jiaxin International Resources (3858.HK) climbed 4.2% in Hong Kong trading to HK$63.25, after briefly surging more than 5% during the session. The stock gained after China Tungsten & High-Tech raised its tungsten procurement prices for early August, halting a recent price decline in the domestic tungsten market.

The US ban on tungsten scrap exports and rising demand from AI and other emerging sectors have prompted CICC and Minmetals Securities to turn bullish on the tungsten supply chain, expecting both volume and price increases. Jiaxin earlier issued a profit alert, forecasting H1 2026 net profit of HK$1.45 billion to HK$1.55 billion — a sharp turnaround from a net loss a year earlier — driven by higher average selling prices for tungsten concentrate. The company also announced plans to buy back up to HK$200 million in shares in the second half of the year.