Shares of Ganfeng Lithium Group Co Ltd (SHE:002460, HKG:1772) surged nearly 13% on Thursday, as the lithium company announced plans to make significant investments in new energy and recycling ventures.
The stock closed at HK$35.20, up 12.99% from the previous day, following the company's disclosures on the Shenzhen Stock Exchange. Ganfeng Lithium's strong performance came amid a broader rally in Chinese stocks, with the Shanghai Composite Index climbing 2.9% on Friday.
In a key development, Ganfeng Lithium revealed plans to invest 367.5 million yuan ($51.5 million) in the Nanchang New Energy Technology Industry Investment Fund, securing a 24.5% stake in the 1.5 billion yuan ($210 million) fund. The fund will focus on investing in asset management and other activities related to private equity funds in the new energy technology sector.
Additionally, the company announced plans to establish a 100 million yuan ($14 million) joint venture called Nanjing Public Utilities Ganfeng Recycling Technology, which will recycle used power batteries for new energy vehicles. Ganfeng Lithium will own a 40% stake in the venture, with Nanjing Public Development and Nanjing Environment Group holding the remaining shares.
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