On July 20, Ganfeng Lithium fell 3.33% in regular trading, trading at HK$36.56 per share, with turnover of HK$167 million, extending a two-week downtrend.

On the news front, three Chinese government departments announced the restoration of consumption tax on certain batteries, weighing on lithium battery concept stocks despite institutional analysts noting limited direct impact on lithium batteries. The policy shift compounded existing bearish sentiment as lithium carbonate futures remain depressed below RMB 160,000 per ton, down sharply from the May peak above RMB 200,000 per ton. Supply-side pressures persist with Jiangxi lithium mine resumptions and Zimbabwean lithium spodumene arrivals materializing in July.

Additionally, profit-taking pressure continues following the company's earlier disclosure of a positive earnings preview. Ganfeng projected H1 net profit of RMB 3.65-4.60 billion, a year-over-year turnaround from losses, but Q2 sequential growth uncertainty ranging from -1% to +50% raised concerns over earnings momentum. Peer Tianqi Lithium fell 4.87% on the same day, reflecting broad sector weakness.

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