Ganfeng Lithium's Hong Kong shares advance over 3% in morning session following subsidiary's capital raise

Stock News06-30 09:39

Shares of Ganfeng Lithium Group Co.,Ltd. (HKEX: 01772) rose more than 3% during the morning trading session. At the time of writing, the stock was up 2.37% to HK$50.5, with a turnover of HK$52.71 million.

The upward movement follows a company announcement on June 29th. The announcement detailed that its controlling subsidiary, Ganfeng Lithium Battery, has completed a capital increase and share expansion, raising a total of RMB 2 billion. The funds were introduced from investors including ICBC Financial Asset Investment Co., Ltd., Xingyin Financial Asset Investment Co., Ltd., and Gongrong Jintou No. 6 (Tianjin) Equity Investment Fund Co., Ltd., at a price of RMB 3 per unit of registered capital.

According to the announcement, the industrial and commercial registration changes for Ganfeng Lithium Battery have been completed. Following this transaction, Ganfeng Lithium Group retains a 64.52% equity stake in the subsidiary.

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