Ganfeng Lithium's HK shares rise most in two weeks on share sale for expansion

Reuters2021-06-11

** Hong Kong shares of Ganfeng Lithium Co Ltd rise as much as 4.2% to HK$111.20, biggest intraday pct gain since May 31

** Stock of lithium compounds and lithium batteries producer is on course to snap six straight sessions of decline; the fourth-most actively traded shares by turnover

** Ganfeng , one of the world's top lithium producers, said on Friday it would sell around HK$4.9 bln ($630 mln) in new shares to boost capacity and fund potential investments

** Jiangxi-based co plans sale of 48.04 mln new Hong Kong shares to third party investors at HK$101.35 apiece, or 5% discount to Thursday's close

** Proceeds will be used for expanding offshore lithium resources projects and investing in lithium resources including ores, brine, lithium clay

** Shenzhen-listed shares gain 0.1%

** Hong Kong's material index rises 1.4%

** The Hang Seng China enterprises index climbs 0.1% and the benchmark index gains 0.4%

** By last close, the Hong Kong-listed stock had surged 15.2% this year

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