A look at Tianqi Lithium, which just netted $1.7 billion at its IPO.
Frank Ha, CEO of Tianqi Lithium (left), and Jiang Anqi, Director at Tianqi Lithium, at the company's listing ceremony at the Hong Kong Stock Exchange. Wednesday, July 13, 2022. Credit: Paul Yeung/Bloomberg via Getty Images
Hong Kong’s stock exchange had a dismal first half of 2022, seeing a 92 percent drop in funds raised by newly listed firms. With its IPO on Wednesday netting the firm $1.7 billion, Tianqi Lithium, one of the world’s largest producers of the mineral that’s vital in making electric vehicle batteries, has made a big splash in a shallow pond.
Data: Tianqi Lithium IPO prospectus, company website, annual reports
The green energy transition has pushed a new class of companies to prominence, including major Chinese producers in the critical mineral supply chain like Zijin Mining and CATL. Tianqi is one of those firms. In 2020, it was the largest producer of mined lithium in the world. Three of the five largest lithium-ion battery makers buy from Tianqi, according to the company’s IPO prospectus.
This week, The Wire looks at Tianqi Lithium: its rise, its investors, and its global footprint.
HISTORY
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