GBM Resources (GBZ AU)'s Proposed Secondary Listing In Hong Kong

• Aussie gold and copper explorer GBM Resources (GBZ AU) has announced plans to seek a secondary listing in Hong Kong.

• GBM has entered a memorandum of understanding with its major shareholder, Wise Walkers Limited, which will fund all listing-related expenses - to be repaid upon a successful listing.

• The listing is, ostensibly, to “broaden its investor base“; however Zijin Gold (2259 HK)‘s barnstorming IPO debut probably spurred on this development.

GBM is illiquid. Look away now if this is not your bag. This is more a technical piece.

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The Trade:

• There is no specific/hard catalyst here.

• I don’t have a strong conviction on the underlying ops.

• And the share price is up bigly in the past twelve months.

• But kudos for exploring this avenue - there may well be strong localised support.

This insight is labelled bullish as it has to be labelled something.