Chinese Lithium Giant Tests Investor Demand for Hong Kong IPO

The Wall Street Journal2022-06-20

Share sale by Tianqi Lithium could raise more than $1 billionTianqi Lithium is marketing what is expected to be Hong Kong’s largest IPO so far this year.HONG KONG—One of China’s top lithium producers ...

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Comments

Sunday128
2022-06-21
Sunday128
Ok
Bull1973
2022-06-20
Bull1973
👌
Bull1973
2022-06-20
Bull1973
Ok
YoNgJuN
2022-06-20
YoNgJuN
hong kong
WJ77
2022-06-20
WJ77
👍👍

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The Chengdu, China-based company, which says it is one of the world’s largest producers of battery-grade lithium compounds, has been listed in Shenzhen since 2010. Its mainland shares have doubled in value over the past 12 months, giving it a market capitalization of around $26 billion, according to FactSet.The company filed a revised prospectus on June 19 after passing a listing hearing in Hong Kong and earlier receiving approval from China’s securities regulator to sell shares in the Asian financial hub. It is expected to price its IPO on July 6 and start trading July 13, the person familiar with the deal said. The final deal size could change depending on investor demand.Tianqi Lithium is trying to pull off a large fundraising at a time when global demand for IPOs has been depressed. Surging U.S. inflation, rapidly rising interest rates, Russia - Ukraine war and uncertainty about the global economic outlook have helped fuel a global stock selloff, which has driven new stock-issuance volumes lower.Hong Kong’s market has been hit particularly hard; in the year-to-date period, companies have raised a total of $2.4 billion in new and secondary stock listings in the city, down more than 90% in value from the same period a year earlier, according to Dealogic data.Tianqi Lithium, which has been in business for around 30 years, makes lithium compounds and derivatives in China and owns and mines lithium minerals in Australia, according to its prospectus. The metal is used in rechargeable batteries and has been in demand for electric-vehicle production. It is also used to make glass, ceramics and other types of derivative products.The company previously applied to list in Hong Kong in 2018 and had aimed to raise a similar amount at the time to help pay for a minority stake that it bought that year in a Chile-based lithium production and distribution company known as SQM. 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