HK Stock Market Move | JIANGXI COPPER (00358) rose by more than 3% recently, planning to spin off Jiangtong copper foil for listing on the Hong Kong Stock Exchange.

JIANGXI COPPER (00358) rose more than 3%, with a 2.98% increase as of the time of reporting, reaching HK$38.68, with a turnover of HK$8044.23 million. On the news front, recently, JIANGXI COPPER announced that in order to further optimize the company's industry layout, broaden financing channels, and enhance the core competitiveness of its subsidiary Jiangxi Copper Foil Technology Co., Ltd. (Jiangxi Copper Foil), the company plans to spin off Jiangxi Copper Foil and list it on the Stock Exchange of Hong Kong. The spin-off listing will not result in the company losing control of Jiangxi Copper Foil, which will still be a subsidiary within the company's consolidated financial statements. It will not have a substantial impact on the operation and development of other business sectors within the company, nor will it harm the company's independent listing status and continued profitability. The feasibility and specific details of the spin-off listing are still subject to further analysis. Jiangxi Copper Foil has focused on the field of electrolytic copper foil for many years, continually increasing research and development investment and production capacity layout. It has enhanced its operational scale, technological strength, and market reputation, deeply serving the national development strategy of new energy and electronic information industries. It has grown into an important backbone enterprise in China's electrolytic copper foil industry, specializing in, scaling, and high-end development.