Hubei Xingfa Chemicals' (SHA:600141) subsidiary, Inner Mongolia Xingfa Technology, plans to invest 1.38 billion yuan to construct a battery-grade lithium iron phosphate production facility, according to a Shanghai bourse filing on Saturday.
The Chinese chemical manufacturer's shares jumped over 3% during Tuesday's afternoon trade.
The factory, to be located in Wuda Industrial Park, Wuhai City, Inner Mongolia Economic Development Zone, will produce 100,000 tons of battery-grade lithium-iron every year.
The construction period will run for six months.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments