Ganfeng Lithium says it may face insider-trading charges
Ganfeng Lithium Group Co., a major Chinese producer of the battery material, said it faces possible charges related to an ongoing insider-trading case.
The company’s operations, mainly in Jiangxi province, are continuing as normal and are not likely to be affected by the case, Ganfeng said in a filing to the Shenzhen Stock Exchange on Monday evening. The company’s shares fell as much as 5.8% in Hong Kong on Tuesday.
A public prosecutor will review the charges after police in the city of Yichun – a major lithium-mining hub – transferred the case, according to the filing. In 2024, Ganfeng was fined 3.32 million yuan ($473,880) for insider trading by the China Securities Regulatory Commission.
The company, among the world’s biggest lithium producers, said it had rectified the issues raised last year. In a statement published in July 2024, Ganfeng said it had traded shares of Jiangxi Special Electric Motor Co. in 2020 using insider information, resulting in illegal gains of 1.1 million yuan.
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