HK Stock Market Move | Jiangsu Lopal Tech. Group (02465) rose more than 10% with the price of lithium iron phosphate doubling while demand remains strong.

Jiangsu Lopal Tech. Group (02465) surged more than 10%, reaching 10.13% as of press time, with a price of 13.59 Hong Kong dollars and a turnover of 197 million Hong Kong dollars. On the news front, according to CCTV Finance, iron phosphate and lithium iron phosphate are important raw materials for new energy and energy storage batteries. The prices have been rising continuously this year, and the market demand remains high. A bag of lithium iron phosphate weighing about 400 kilograms now costs more than 25,000 yuan, compared to only 10,000 yuan a year ago. Despite the price doubling, demand remains strong. Jiangsu Lopal Tech. Group announced earlier that it plans to invest in and build a "new energy vehicle power and energy storage battery cathode material large-scale production project" in Indonesia. The total investment amount of the project is about 160 million US dollars, equivalent to 1.088 billion RMB. After the full operation of the three-phase project, the total production capacity of Jiangsu Lopal Tech. Group's Indonesian base will increase from the current 30,000 tons to 120,000 tons, becoming the largest overseas lithium iron phosphate cathode material factory in scale.