Chinese mining firm Tianqi Lithium seeks to pass a listing hearing for the Hong Kong Stock Exchange (HKEx) on Thursday, to raise between $1 billion and $1.5 billion, local media outlets reported on Tuesday. The company will be officially listed on the main board of HKEx in July, with Morgan Stanley, CICC and CMB International serving as co-sponsors.
Tianqi Lithium previously stated in a June 3 announcement that its application for a Hong Kong listing has been approved by the China Securities Regulatory Commission.
The company, established in 1992, is a new energy material firm with lithium as its core. It is the only lithium producer in China that achieves 100% self-sufficiency through large-scale, consistent and stable supply of lithium concentrate.
According to Wood Mackenzie’s report, Tianqi Lithium was the world’s largest lithium miner in terms of output in 2020. According to the total income generated by lithium in 2020, Tianqi Lithium ranked third. According to 2020 output, Tianqi Lithium is the fourth-largest producer of lithium compounds in the world and the second-largest producer in Asia.
At present, the products of Tianqi Lithium are mainly divided into two categories: one is lithium concentrate products, and the other is lithium compounds and derivatives products. These products have been applied to electric vehicles, energy storage systems, aircraft, ceramics, glass and other markets.
In terms of production capacity. Tianqi Lithium operates three domestic production plants in China’s Sichuan Province, Jiangsu Province and Chongqing, which can produce all kinds of lithium compounds and derivatives, with a total annual production capacity of 44,800 tons, as of September 30, 2021.
In addition, the firm has built a battery-grade lithium hydroxide manufacturing plant in Quinana, Western Australia. The first phase of the plant has an annual production capacity of 24,000 tons, which has been completed and is currently in the commissioning stage. Besides, feasibility studies and capital expenditure estimates are being carried out for the construction plans of phase two of the plant. After the expansion, the plant is expected to reach an annual capacity of 48,000 tons.
In terms of financial data, its revenue in 2021 was 7.663 billion yuan ($1.14 billion), a year-on-year increase of 136.56%, while the net profit attributed to parent company was 2.079 billion yuan, a year-on-year increase of 213.37%.