Jinxun Resource (03636) shares have plummeted more than 20%, hitting a new low of HK$10.39 since its initial public offering and representing a 60% decline from its IPO price of HK$30.

As of the latest update, the stock is down 20.77% to HK$10.64, with a turnover of HK$2.778 million.

Key Development

The significant drop coincides with the upcoming expiration of the six-month lock-up period for the company's cornerstone investors on July 10, which will see a total of approximately 15.6272 million shares held by eight investors become freely tradable.

Recent Share Transfer Activity

Data from the Hong Kong Stock Exchange shows notable position movements on July 2. A total transfer value of HK$122 million, accounting for 18.89% of the relevant share capital, was recorded. Specifically, 7.7822 million shares were transferred into Citibank from a company shareholder, while 7.824 million shares were transferred out of Huatai Hong Kong.

Company Background

The company is a leading manufacturer of high-quality cathode copper with a strong operational presence in the Democratic Republic of Congo and Zambia. According to data from Frost & Sullivan, as of December 31, 2024, it ranks as the fifth-largest mainland Chinese cathode copper producer by output in these two jurisdictions and is the only mainland Chinese company to be ranked among the top five producers there.