Mongolian companies see HKEX shares drop due to decreasing coal export

The American Chamber of Commerce in Mongolia

2017-12-06 12:45 GMT+8

Hong Kong Stock Exchange listed SouthGobi Resources Ltd., Mongolia Energy Corporation, and Mongolian Mining Corporation are now able to issue securities on the Mongolian Stock Exchange as a part of a newly implemented cross-listing system.

Shrinking coal export to China has had a negative impact on share prices for these companies. Mongolian Mining Corporation (MMC) produced 6.3 tons of coal and extracted 3.2 tons of washed coal in the first nine months of 2017, but MMC shares have dropped by 37 percent since the beginning of 2017, falling to 0.21 HKD.

Shares in SouthGobi Resources dropped by 21 percent (1.35 HKD) and Mongolia Energy Corporation shares dropped by 27 percent (0.19 HKD).

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