IGO suspends annual dividends from Tianqi JV amid market downturn
The JV experienced a build in lithium hydroxide inventory at Kwinana over recent months.
Tianqi Lithium Corp., a Chinese supplier of the key material used in batteries, has won the Hong Kong stock exchange’s approval for its planned listing in the city, people with knowledge of the matter said.
The Shenzhen-listed company received the green light following a hearing Thursday with the Hong Kong bourse’s listing committee, according to the people, who asked not to be identified because the information is private. It’s considering raising $1 billion to $1.2 billion in the share sale, one of the people said.
Tianqi Lithium plans to start gauging investor demand for the offering as soon as next week, the people said. At $1 billion, Tianqi’s offering would be Hong Kong’s biggest listing so far this year, according to data compiled by Bloomberg.
Deliberations are ongoing, and details such as the fundraising amount and timing could still change, the people said. A representative for Tianqi Lithium declined to comment.
Morgan Stanley, China International Capital Corp. and CMB International Capital Corp. are the joint sponsors of the deal, according to a preliminary prospectus.
(By Pei Li, with assistance from Annie Lee)
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