World's largest lithium metals producer files for Hong Kong IPO

Ganfeng Lithium plans to raise up to US$1b in its flotation.

Reuters reports that the largest lithium metal producer in the world Ganfeng Lithium Co Ltd has filed for a Hong Kong IPO as it aims to cash in on the expected surge in demand for lithium amidst the growing popularity of electric cars.

Ganfeng reportedly delayed its planned flotation earlier this year as it waited for lithium prices to stabilise after dropping by as much as 38% this year on the back of surplus concerns.

However, the company remains bullish about lithium prospects as it expects demand to steadily rise in the long term as a number of auto companies like Tesla and Volkswagen bring electric cars to the mainstream market.

Lithium is a key component in rechargeable batteries.

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