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Ganfeng Lithium eyes Hong Kong IPO

China's Jiangxi Ganfeng Lithium Co. Ltd. tapped Citigroup as the sponsor in its bid to list in Hong Kong, Reuters reported Aug. 31.

The size of the planned listing was not disclosed publicly in the draft prospectus filed with the exchange.

The world's leading lithium metals producer in terms of production capacity delayed plans for a US$1 billion flotation in Hong Kong earlier in the year as it waited for lithium prices to stabilize.

While the prices of lithium carbonate slipped as much as 38% this year due to rising supply, demand for the material is seen increasing in the long-term as Tesla Inc. and Volkswagen AG bring electric cars to the mainstream market.

Ganfeng intends to use the proceeds for the purchase of lithium resources and to expand its capacity.

The company recently agreed to acquire Sociedad Quimica y Minera de Chile SA's interest in Minera Exar SA, the holding company for the Cauchari-Olaroz lithium brine project in Argentina.