HK Stock Market Move | Jiangsu Lopal Tech. Group (02465) rose more than 4% in the afternoon. It is planning to invest in Australia's GL1 to secure long-term stable lithium raw material supply.

Jiangsu Lopal Tech. Group (02465) rose more than 4% in the afternoon, up 2.23% as of the time of writing, at HK$18.31, with a turnover of HK$386 million. In recent news, Jiangsu Lopal Tech. Group released an announcement stating that the company has signed a "Subscription, Supply, and Prepayment Terms List" with GL1 and GLR to support the company's growing demand for raw materials. The main contents of the "Terms List" include GL1 share subscription, supply of Manna lithium spodumene concentrate held by GLR, and related prepayment arrangements. It is agreed that subject to the fulfillment of subscription conditions, the company will subscribe to 13.8401 million shares of GL1 at a price of AUD 0.52875 per share, paying a total investment amount of approximately AUD 7.318 million. Furthermore, GLR will supply the company with 40% of the annual actual production of lithium concentrate from the Manna lithium project for a period of ten years (extendable under certain conditions), ensuring a minimum supply level of at least 70,000 tons per year. Upon the fulfillment of prepayment conditions, the company shall provide a prepayment of up to USD 75 million to GLR, which will be offset against accounts payable when the agreed products are accepted by the company.