Tianqi Lithium A/H listing
Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020, according to the Wood Mackenzie Report.
This is not the first H-share listing attempt for TL as it had already tried to list in 2018 but didn’t follow through with the listing. The main reason it has been wanting to list is to raise cash to pay down part of the debt that it acquired to purchase its stake in SQM.
As compared to the previous time, the industry backdrop is more supportive in our view, with EV demand having picked up a lot over the past few years. However, Lithium prices have been at record highs in 2022 and the company is dependent solely on lithium price movements to drive its earnings growth. Therefore, it remains especially vulnerable to a drop in prices.
Tianqi Lithium Corporation, formerly Sichuan Tianqi Lithium Industries, Inc., is a China-based company principally engaged in the research and development, manufacture and distribution of lithium products. The Company primarily provides lithium mineral products, lithium compounds, derived lithium products and others. The Company's lithium products are mainly applied in metallurgy, electronics, glass and ceramics, battery, rubber, medical treatment and other industries. The Company distributes its products in domestic and to overseas markets.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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