BUZZ-CATL climbs as co halts mining operations at Yichun project; rivals rise

Reuters
08/11
BUZZ-<a href="https://laohu8.com/S/300750">CATL</a> climbs as co halts mining operations at Yichun project; rivals rise

** Hong Kong-listed shares of Contemporary Amperex Technology $(CATL.UK)$ 3750.HK rise 2.8% to HK$418.4, their highest since July 31, and on course for a second session of gains

** Stock, which listed on May 20 in Hong Kong, posts biggest intraday pct rise since August 4

** Shenzhen-listed stock 300750.SZ climbs 1% to 266.15 yuan, its biggest intraday pct gain since August 4

** The Chinese electric vehicle battery manufacturing giant said on Monday that it has suspended mining operations in the southern region of Yichun after a mining licence expired on August 9

** The lithium sector is grappling with weaker-than-anticipated growth in demand for electric vehicles and an oversupplied market. After soaring to record highs in 2022, prices of lithium have tumbled almost 90%, prompting producers around the world to scale back investment plans

** In China, shares of Ganfeng Lithium 002460.SZ, Chengxin Lithium 002240.SZ, Tianqi Lithium 002466.SZ, Sinomine Resource 002738.SZ, Shenzhen Dynanonic 300769.SZ surge between 5.1% and 10%

** In China, the blue-chip CSI 300 Index .CSI300 gains 0.1%

** In Hong Kong, Hang Seng Index .HSI slips 0.2%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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