BRIEF: Ganfeng, Tianqi Lithium shares jump after peer halts production
Shares of leading Chinese lithium producers Ganfeng Lithium Group Co. Ltd. (1772.HK; 002460.SZ) and Tianqi Lithium Corp. (9696.HK; 002466.SZ) rose sharply on Wednesday after a peer halted production at one of China’s leading lithium facilities due to falling prices.
Ganfeng’s Hong Kong-listed shares rose 9% on Wednesday, while Tianqi’s rose 13%. Both stocks gave back some of the gains on Thursday and Friday, but remained above their Tuesday closing price.
The rally occurred after CATL (300750.SZ), the world’s top maker of electric vehicle (EV) batteries, halted production at its massive lithium concentrator in the city of Yichun, often known as the “lithium capital of Asia,” Caixin reported. CATL made its decision after recent steep declines in the price of lithium, which is a central component in EV batteries.
Reporting by Doug Young
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