On May 21, Ganfeng Lithium fell 3.04% in regular trading, trading at HK$68.8/share, with trading volume of HK$394 million, extending its recent downtrend.

On the news front, multiple bearish factors continue to weigh on the stock. Australia's MinRes announced that its wholly-owned Bald Hill lithium mine will restart operations due to sustained lithium price recovery, with mining operations commencing in June and first spodumene concentrate production beginning in July, adding incremental supply pressure. Meanwhile, institutional investor Baillie Gifford & Co recently reduced its position by approximately 2.6 million shares at an average price of HK$77.35, lowering its stake to 4.53%. Additionally, SQM raised its full-year shipment guidance by 30,000 tons, implying monthly imports could sustain at 33,000 tons, exceeding market expectations. With lithium carbonate spot prices near RMB 200,000/ton suppressing downstream procurement willingness, market divergence between bulls and bears has intensified significantly.

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