Jul 12, 2022,10:14am EDTTianqi Lithium, a China lithium...

Jul 12, 2022,10:14am EDT

Tianqi Lithium, a China lithium chemicals supplier benefitting from a boom in global demand for electric vehicles, has raised $1.7 billion in a secondary listing of shares expected to begin trading in Hong Kong beginning tomorrow.Tianqi Lithium is controlled by Jiang Weiping and his family, who have an estimated fortune worth $9 billion on the Forbes Billionaires List today. Tianqi Lithium, which trades in mainland China at the Shenzhen Stock Exchange, has operations in mainland China, Australia, Hong Kong, Chile and Canada. It priced the Hong Kong offering at HK$82 a share, according to a statement on Tuesday.The company in 2018 paid $4.1 billion for more than 20% of lithium miner Sociedad Quimica y Minera de Chile, or SQM, of Chile, becoming its second largest investor; HK$8.8 billion of the more than HK$12 billion of funds raised in Tianqi Lithium’s Hong Kong offering will help pay down related debt, according to the prospectus.

https://www.forbes.com/sites/russellflannery/2022/07/12/china-billionaires-tianqi-lithium-raises-17-bln-in-hong-kong-offering/?sh=24da813863d9