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Shandong Gold Mining jumps most in over 4 months as major shareholder raises stake

Kitco News

** Hong Kong shares of Shandong Gold Mining Co Ltd jump 8.1% to HK$15.40, the biggest daily percentage gain since May 7

** Stock hits the highest since June 11 and on course for the third straight session of gains; the sixth biggest percentage gainer on the Hang Seng Composite material index

** Co says controlling shareholder Shandong Gold Group Co Ltd has increased its shareholding in the company's A shares by 0.0112% for 9.99 mln yuan ($1.55 mln)through the centralized bidding system of the Shanghai Stock Exchange as a vote of confidence in the firm's prospect

** Shandong, China-based co says the controlling shareholder intends to continue to increase its shareholding in the company's A shares for up to 500 mln yuan ($77.5 mln)

** Shanghai-listed shares surge 9.7% to 21.91 yuan, their highest since May 26, and on track for the fourth consecutive session of gains

** Hang Seng Composite material index jump 4.4% while the Hang Seng Composite Index falls 2%

** The Hang Seng China Enterprises Index and the benchmark index both drop 2.2%

** As of last close, the Hong Kong-listed stock had fallen 20.5% this year

($1 = 6.4545 Chinese yuan renminbi) (Reporting by Donny Kwok)

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