On July 14, Lopal Tech (02465.HK) declined 5.09% in regular trading, trading at HKD 10.05/share, with turnover of HKD 44.79 million. The stock had already suffered two consecutive limit-down sessions prior to today's drop.

On July 13, the company disclosed its half-year earnings preview, projecting net profit of RMB 373 million to RMB 448 million, representing a turnaround from losses in the prior year period, driven by volume and price recovery in its lithium iron phosphate (LFP) business. However, the positive earnings signal failed to offset severe sector headwinds.

The core pressure stems from lithium carbonate futures plunging over 20% from May highs above RMB 200,000/ton to approximately RMB 150,000/ton, triggered by supply-side concerns including major mine restarts and new capacity releases. The broader lithium battery sector experienced panic-level selling. Additionally, the company announced potential impairment provisions of up to RMB 41.29 million on the same day, while equity incentive amortization costs and H-share placement dilution of 15 million shares further weighed on market sentiment.

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