China’s Tianqi Lithium secures approval for Hong Kong listing

Tianqi Lithium – one of the world’s leading lithium suppliers – has received approval from the Stock Exchange of Hong Kong (HKEX) to list in the autonomous Chinese city, according to people familiar with the matter.

Shenzhen-listed Tianqi received the green light following a hearing yesterday with the HKEX listing committee. The lithium giant is considering raising $1-1.2 billion in the share sale, one of the sources said.

Should the listing reach the $1 billion threshold, it would resemble the largest on the Hong Kong exchange so far this year. Deliberations are ongoing, and details such as the fundraising amount and timing could still change, the people said, but Tianqi plans to start gauging investor demand for the offering as soon as next week.

Morgan Stanley, China International Capital Corp and CMB International Capital Corp are the joint sponsors of the deal, according to a preliminary prospectus.

Tianqi controls more than 46% of global lithium production. Last month, the company achieved first production of battery grade lithium hydroxide monohydrate from the Kwinana plant in Western Australia, in partnership with Australia’s Igo Ltd.