BRIEF: Tianqi swings to red on falling lithium prices

9696.HK
002466.SHE

Tianqi Lithium Corp. (9696.HK; 002466.SZ) announced on Thursday it expects to report a net loss of 640 million yuan ($89.9 million) in the third quarter of this year, reversing a net profit of 1.65 billion yuan in the same period of last year. In addition, the company said it will swing from a profit to a loss of up to 5.85 billion yuan for the first three quarters of 2024.

The decline in Tianqi’s results was mainly due to fluctuations in the lithium market and a sharp decline in the overall market price of lithium products during the period. Tianqi’s Hong Kong-listed shares rose 9.8% to HK$27.45 in early Friday morning trade.

By A. Au

To subscribe to Bamboo Works free weekly newsletter, click here

,
,

Related Articles

RELATED ARTICLES

No related posts.

Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

WeRide is enjoying a payoff from expanding its global taxi flee

Robotaxi rollout drives faster earnings pace at WeRide

The driverless technology company is enjoying a payoff from expanding its global taxi fleet, with quarterly revenues surging and losses continuing to shrink Key Takeaways: Third-quarter revenue more than doubled,…
0800.HK
WRD.US
Illustration of Luckin and Costa coffee being tasted

Luckin Coffee eyes global leap as China’s Double 11 loses its luster

Luckin could be preparing a bid for Costa Coffee. What's driving this potential deal, and what are its chances for success? And this year's Double 11 festival looks like a dud, with most big e-commerce companies failing to publish any big numbers. What does the future hold for this fast-fading shopping fest?