CNGR Advanced Material Co., Ltd. (02579) saw its shares rise more than 6% during the trading session. As of the time of writing, the stock was up 4.69%, trading at HK$33.92, with a turnover of HK$38.833 million.

The increase follows reports that Indonesian President Prabowo agreed on March 25 to impose export taxes on coal and nickel. The country's finance minister stated that a windfall tax on coal and nickel mineral resources could be implemented as early as April 1, 2026, pending government approval. If enacted, the tax would create an additional cost burden for mining companies, further increasing export expenses.

Notably, CNGR has already established four nickel raw material production bases in Indonesia, forming a vertically integrated industrial chain that spans resources, smelting, and materials. The company has built nickel smelting capacity of 195,000 metal tons, with an equity volume of approximately 120,000 metal tons. In January, CNGR's Zhongqing New Energy Phase II project in Indonesia achieved full production, boasting an annual capacity of 60,000 metal tons of high-ice nickel.