HK Stock Market Move | Tianqi Lithium Corporation (09696) opens more than 8% higher, with lithium prices rising and investment income boosting. The company's net profit in the first quarter is expected to increase by more than 15 times year-on-year.

Tianqi Lithium Corporation (09696) opened over 8% higher, as of the time of publication, rose 8.33% to HK$63.1, with a turnover of HK$226.55 million. In terms of news, on the evening of April 20th, Tianqi Lithium Corporation announced a profit forecast, expecting a net profit attributable to the company of RMB 1.7 billion to RMB 2 billion in the first quarter, an increase of 1530.31% to 1818.01% year-on-year; a non-GAAP net profit of RMB 1.6 billion to RMB 1.96 billion, an increase of 3501.54% to 4311.88% year-on-year; and a basic earnings per share of RMB 1.01 to RMB 1.19, compared to RMB 0.06 in the same period last year. Regarding the significant increase in operating income expected in the first quarter of this year, Tianqi Lithium Corporation stated that the sales of its main lithium products have increased significantly compared to the same period last year, driven by multiple positive factors such as the development of the new energy industry and growth in downstream demand. In addition, the company's important joint venture company SQM is expected to significantly increase its performance in the first quarter, leading to a substantial increase in the investment income from this joint venture company compared to the same period last year.