Zhongjin Gold Plunges Over 7% at Market Open Following Student Deaths

Highlights

• Six students from Northeastern University died after falling into a flotation tank during a site visit to Zhongjin Gold's subsidiary facility.
• Company's stock plunged over 7% following the tragic incident, reflecting market concerns about operational safety.
• Zhongjin Gold issued an official statement expressing condolences and pledging to monitor the situation.

Zhongjin Gold Co. Ltd (opens in a new tab). (SHA: 600489) shares plunged at the open on July 24, dropping over 7% to ¥14.76 per share. As of the time of reporting, the stock was down 7.11%, continuing a sharp selloff following a tragic incident at one of its facilities---six students are dead.

According to a Shanghai Stock Exchange disclosure, on July 23, six students from Northeastern University drowned during a site visit to the Wunugetushan Copper-Molybdenum Concentrator, a facility operated by China National Gold Group Inner Mongolia Mining Co., Ltd., a subsidiary of Zhongjin Gold. The students reportedly fell into a flotation tank after a grating panel collapsed. Despite immediate rescue efforts, all six were confirmed dead by medical personnel. One instructor was also injured.

In an official statement, Zhongjin Gold expressed its deepest condolences to the families of the victims and apologized for the social impact of the incident. The company pledged to closely monitor the situation and fulfill its disclosure obligations through designated media channels.

Market Repercussions

The incident has prompted investor concern over operational safety and reputational risk, leading to a significant decline in Zhongjin’s market valuation during early trading.

Source: Sina Finance

Editor: Hao Xinyu