ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
China debt crunch

Tianqi Lithium cancels $2.5bn share sale after exchange objects

Shenzhen bourse questioned how purchase by chairman's company would be financed

A worker at a SQM lithium mine processing plant. Tianqi Lithium resolved to sit out SQM's latest capital raising. (Photo by Nozomu Ogawa)

HONG KONG -- Struggling Chinese miner Tianqi Lithium has abruptly canceled its plan to issue up to $2.45 billion in new shares to its top stakeholder after the Shenzhen Stock Exchange queried the move.

Although lithium is a key ingredient for batteries used to power everything from smartphones to electric vehicles, Tianqi Lithium has strained to pay off bills from a string of global acquisitions because of a steep fall in prices for the strategic mineral since the deals were signed.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more