en.Wedoany.com Reported - On June 7, Chinese listed company Hengxing Technology Co., Ltd. (Hengxing Technology, stock code 002132) announced that its wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., commissioned the Tenth Geological Exploration Company to conduct a detailed exploration survey of the Longtoushan Gold Mine located in Harqin Banner, Inner Mongolia Autonomous Region. The survey newly discovered 8 surface gold ore bodies, 14 gold mineralized bodies, and 43 alteration zones. The total drilling footage amounted to 5,678.69 meters, with mineralization indications observed in ore bodies II, V, and VIII. This exploration represents a phase-based reconnaissance result, and the relevant data remain subject to uncertainty.
Founded in 1995 and headquartered in Gongyi City, Henan Province, Hengxing Technology's main business involves the research, development, production, and sales of metal products (such as steel cord and prestressed steel strand). It was listed on the Shenzhen Stock Exchange in 2007. The company's entry into the gold mining sector was not through an active acquisition but stemmed from a payment dispute: due to a downstream customer's inability to repay debts, Hengxing Technology obtained the mining rights of the Longtoushan Gold Mine through judicial enforcement proceedings as debt repayment. The mine was originally held by Chifeng Jintian Mining Co., Ltd., with filed resources of 141,800 tons of ore and 692.59 kilograms of gold metal. Due to debt issues, the mining right was judicially sealed from 2017 to 2019, after which Jintian Mining lost control of the mining right.
After obtaining the mining right, Hengxing Technology commissioned Hengjin Mining for asset management, but disputes arose between the parties over contract performance, leading to litigation. In 2023, the Department of Natural Resources of Inner Mongolia Autonomous Region announced that the mining right of the Longtoushan Gold Mine was transferred from Hengjin Mining to Hengxing Technology's wholly-owned subsidiary, Chifeng Yongjin Mining Co., Ltd., completing internal integration of the mining right. In 2025, Yongjin Mining initiated a third-party exploration program. This exploration completed multiple tasks including topographic mapping, geological surveying, geophysical prospecting, and drilling. The reconnaissance report indicates that ore bodies in this area mostly occur as thin veins with poor continuity, but the mineralization alteration zones are essentially continuous, suggesting favorable future prospecting potential.
Currently, the Longtoushan Gold Mine remains in the exploration stage and has not yet established production capacity or generated operating revenue. In its announcement, Hengxing Technology stated that the mine has not yet commenced substantive operations and does not currently have a significant impact on the company's performance. Whether the company will independently develop, cooperatively develop, or transfer the assets in the future will be arranged based on subsequent planning. In the first quarter of 2026, Hengxing Technology achieved operating revenue of RMB 1.233 billion and net profit attributable to shareholders of the parent company of RMB 56.65 million.
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