Shares of Ganfeng Lithium Group (SHE:002460, HKG:1772) surged nearly 13% on Thursday after the lithium company announced plans to invest in a new energy technology fund.
According to a disclosure on the Shenzhen Stock Exchange, Ganfeng Lithium will participate in a 1.5 billion yuan ($210 million) investment fund called the Nanchang New Energy Technology Industry Investment Fund. The company will invest 367.5 million yuan ($51.5 million) in the fund, securing a 24.5% stake.
The fund will focus on investing in asset management and other activities related to private equity funds in the new energy technology sector. This move is seen as Ganfeng's effort to diversify its business and capitalize on the growing demand for new energy technologies.
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