Shares of Tianqi Lithium, a Chinese lithium products maker, soared 9.8% on Thursday, October 25, 2024, in Hong Kong trading. The stock's strong performance came as the company reported a quarter-on-quarter decrease in losses for the second and third quarters of 2024, driven by lower production costs.

Despite the narrowing losses, Tianqi Lithium expects to record a net loss in the range of 320 million to 640 million yuan ($45 million to $90 million) for the third quarter, compared to a net profit of 1.65 billion yuan a year ago. This anticipated loss is attributed to falling prices of lithium products.

However, the company's production and sales volume of lithium compounds and derivatives saw year-on-year and quarter-on-quarter growth, respectively, in the first three quarters and the third quarter of 2024. This increase in production and sales volumes likely contributed to the stock's rally, as investors reacted positively to the company's operational performance.