Shares of JinXun Resource (03636) plummeted over 9%, hitting a fresh all-time low of HK$13.24, a price that represents a halving from its initial public offering price of HK$30.

At the time of writing, the stock was down 9.14% to HK$13.32, with a turnover of HK$2.9885 million.

This significant drop comes as the company approaches the six-month anniversary of its listing, with the lock-up period for cornerstone investors set to expire on July 10.

Data indicates that a total of approximately 15.6272 million shares held by eight cornerstone investors will become eligible for trading.

The company is a leading producer of high-quality cathode copper with a strong operational presence in the Democratic Republic of the Congo and Zambia.

According to research from Frost & Sullivan, based on production volumes in those two countries as of December 31, 2024, the company ranked fifth among mainland China-based cathode copper producers and was the only mainland Chinese company to be ranked among the top five producers in both jurisdictions.