7 consecutive limit-ups! The company clarifies: No plan to inject mining assets

On the evening of February 27, Jiang Tung Equipment issued a risk warning announcement regarding stock trading, stating that media reports suggested the company might consider injecting mining assets at an appropriate time. After self-examination, the company confirmed that it has no plans or activities related to injecting mining assets.

Image source: Company announcement

On February 27, Jiang Tung Equipment’s stock price hit the daily limit again, closing at 21.53 yuan per share, with a trading volume of 2.06 billion yuan and a market value exceeding 21.3 billion yuan. Since February 11, Jiang Tung Equipment has experienced 5 daily limit-ups over 7 trading days. This year, the stock price has increased by over 183%.

** Planning to acquire controlling shareholder’s subsidiary**

This is the third time since February 13 that Jiang Tung Equipment has issued an announcement about abnormal stock fluctuations or trading risk warnings.

On the evening of February 27, Jiang Tung Equipment announced that, in response to media reports suggesting the company might inject mining assets at an appropriate time, after self-examination, the company confirmed that it has no such plans or activities. The company’s current main business is the research, production, and sales of magnetic separation equipment, with no changes to its main operations.

Notably, the company is planning a targeted issuance of A-shares in 2026. On the evening of February 11, Jiang Tung Equipment announced that it intends to issue shares to specific investors, raising no more than 1.882 billion yuan. After deducting issuance costs, the funds will be used to acquire 100% equity of Jiangxi Jiang Tung Hard Alloy Co., Ltd., Ganzhou Huamao Tung Materials Co., Ltd., and Jiujiang Nonferrous Metal Smelting Co., Ltd., all controlled by the controlling shareholder Jiang Tung Holding. This transaction is expected to constitute a major asset restructuring.

The targeted investors for this issuance include up to 35 qualified investors, including Jiang Tung Holding, with the total number of shares issued not exceeding 30% of the company’s total share capital before this issuance, or no more than 297 million shares.

Jiang Tung Equipment stated that the target companies in this acquisition have leading production capacities in tungsten products and tantalum-niobium products. Through this transaction, high-quality assets in the tungsten and tantalum-niobium industries with strong profitability and broad market prospects will be injected into the listed company. This will enable the company to integrate resources across the tungsten and tantalum-niobium supply chains, further optimize its industrial layout, and expand its product categories.

2025 performance forecast shows loss

Jiang Tung Equipment was formerly known as Anyuan Coal Industry. In July 2025, Anyuan Coal Industry announced plans to exchange its coal-related assets and liabilities for an equivalent portion of Jiangxi Jinhui Magnetic Separation Technology Equipment Co., Ltd., in which Jiang Tung Development holds a 57% stake. In September 2025, the company officially changed its name to Jiang Tung Equipment, shifting its main business to the research, production, and sales of magnetic separation equipment.

On January 23, Jiang Tung Equipment released a performance forecast for 2025, estimating a net profit attributable to the parent company of between -308 million and -258 million yuan; after deducting non-recurring gains and losses, the net profit is expected to be between -321 million and -269 million yuan.

Regarding the reasons for the expected loss, Jiang Tung Equipment stated that the performance during the reporting period was affected by losses from the coal business before asset transfer and profits from the restructured assets. Due to the overall decline in the coal market, the coal-related business contributed a net loss of 278 million yuan; additionally, the company incurred taxes, fees, and intermediary expenses related to the restructuring. Although the injected assets generated profits and contributed positively to the financial statements, these were not enough to offset the losses from the coal business.

(Source: China Securities Journal)