Tianqi Lithium shares decrease by nearly 10% on the foremost day of trading in Hong Kong

Tianqi Lithium shares decrease by nearly 10% on the foremost day of trading

July 14, 2022: -Shares of Tianqi Lithium lost as considerably as 10% in their Hong Kong market debut Wednesday before closing flat.

The stock decreased by 11%, which reached a low of 72.65 Hong Kong dollars ($9.25) after that, rebounded to close at its offer price of HK$82 ($10.45) a share.

The Chinese company increased by nearly $1.7 billion in the city’s most extensive listing this year.

Tianqi Lithium, listed in Shenzhen, is one of the world’s top suppliers of rechargeable battery components for electric vehicles.

“We are recorded in China already, and it is already a perfect, big platform for financing. But it is limited in China,” Frank Ha, the executive director, and CEO at Tianqi Lithium, told CNBC on Wednesday.

“We are going into the Hong Kong market is our strategy of crossing the globe. We need to make an international platform for financing. That’s why we thought and then evaluated the situation. I think the current time is the best time we can come here to list in the market,” he added.

According to its regulatory filings, the company sold 164.12 million shares in its secondary listing in Hong Kong. The share sale breaks a months-long drought for extensive offerings in Hong Kong, where funds raised between January and June fell more than 90% from the previous year.

Tianqi’s Hong Kong offering has drawn seven cornerstone investors set to snap up about 38% of the listing, the prospectus showed.

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Tianqi Lithium shares decrease by nearly 10% on the foremost day of trading in Hong Kong
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Tianqi Lithium shares decrease by nearly 10% on the foremost day of trading in Hong Kong
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Shares of Tianqi Lithium lost as considerably as 10% in their Hong Kong market debut Wednesday before closing flat.
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