Ganfeng Lithium Shares Drop After Discover of Case Filed for Suspicion of Insider Trading

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By Yifan Wang

Ganfeng Lithium Co. shares had been sharply decrease on Monday, after the Chinese steel producer and processor stated it has acquired regulatory discover {that a} case had been filed in opposition to it.

The firm’s Hong Kong-listed inventory misplaced as a lot as 8.7% inside an hour of buying and selling, whereas its Shenzhen-traded shares dropped 7.1%. Losses narrowed in a while, with shares in Hong Kong and Shenzhen down 3.0% and 1.8%, respectively.

Ganfeng Lithium stated in a weekend submitting that it had acquired discover from China’s high market regulator on Friday saying that it determined to file a case in opposition to the corporate earlier this 12 months on suspicion of A-share insider buying and selling.

Ganfeng stated the China Securities Regulatory Commission’s case would not have an effect on its “regular manufacturing and enterprise actions,” and that the corporate will “actively cooperate with the related work” of the regulator.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

07-03-22 2245ET

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