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Investors resist pull of Chinese rare earth magnet maker JL Mag

Despite link with EV makers, shares slide 17% in Hong Kong debut

HONG KONG -- A major Chinese manufacturer of rare earth magnets for electric vehicles, wind power generators and energy-efficient air conditioners made an underwhelming debut on the Hong Kong stock market on Friday despite being a key player in a red-hot sector.

JL Mag Rare-Earth produces magnets from an alloy of neodymium, iron and boron known as NdFeB. The Jiangxi Province-based company leads this market, holding a 14.5% global share as of 2020, according to U.S. research consultancy Frost & Sullivan.

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