HK Stock Market Move | Contemporary Amperex Technology (03750) falls nearly 6% as Zimbabwe tightens lithium ore exports, potentially boosting lithium prices.

Contemprary Amperex Technology (03750) dropped nearly 6%, falling 5.82% to HK$502 as of the time of writing, with a trading volume of HK$8.76 billion. On the news front, Zimbabwe tightened lithium ore exports, causing lithium carbonate futures to rise more than 11% this morning, reaching a high of 187,700 yuan/ton. CITIC SEC believes that the country's lithium ore export ban will lead to a tighter short-term supply of lithium carbonate in China, potentially driving up lithium prices significantly. Earlier research reports from Citi stated that the stock price of Contemporary Amperex Technology has been flat since the beginning of the year, and they believe that the weak stock price already largely reflects recent negative factors, including slowing electric vehicle sales in China, rising lithium prices, and reductions in VAT refunds for battery exports.