HK Stock Market Move | Jiangsu Lopal Tech. (02465) rose more than 6% against the market, subsidiary Lithium Source Indonesia intends to introduce LG New Energy as a strategic investor.

Jiangsu Lopal Tech. (02465) rose more than 6% against the market, with a gain of +6.45% to HK$5.94 at the time of writing, with a turnover of HK$32.3997 million. In terms of news, Jiangsu Lopal Tech. announced that, in order to actively expand overseas markets and enhance the company's market competitiveness and overseas influence in the lithium battery materials field, its third-level controlled subsidiary, Lithium Source Indonesia, plans to introduce LG Energy as a strategic investor through capital increase and share expansion. After the transaction is completed, LG Energy will acquire 20% equity of Lithium Source Indonesia. In addition, Guotai Junan released a research report stating that recently, the Indonesian sovereign wealth fund, Indonesian Investment Authority (INA), has completed a $150 million investment in Jiangsu Lopal Tech.'s operational subsidiary in Indonesia. Jiangsu Lopal Tech. has become the first mainland Chinese manufacturer of LFP cathode materials to deploy and scale production overseas. The bank believes that INA's investment reflects the strong support of the Indonesian government for Jiangsu Lopal Tech.'s Indonesia factory. It is expected that the investment proceeds will be used for general operating funds and for the development of Lithium Source (Asia Pacific) Phase II. This investment is seen as a very positive development for Jiangsu Lopal Tech.