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MSCI Picks Tianqi Lithium, Zangge Mining for China Index Amid NEV Battery Boost
Dou Shicong
DATE:  Aug 12 2022
/ SOURCE:  Yicai
MSCI Picks Tianqi Lithium, Zangge Mining for China Index Amid NEV Battery Boost MSCI Picks Tianqi Lithium, Zangge Mining for China Index Amid NEV Battery Boost

(Yicai Global) Aug. 12 -- Global index provider MSCI has chosen seven new stocks for the MSCI China Index, including those of battery material companies Tianqi Lithium, Qinghai Salt Lake Industry, and Zangge Mining.

Tianqi Lithium, which expects to have increased its net profit by more than 100 times in the first half, is the biggest new addition based on its market capitalization, the New York-based firm revealed in a statement on its website today after its quarterly review.

The group of seven also has traditional Chinese medicine giant Tongrentang, cargo transport company China Merchants Energy Shipping, battery maker Pylon Technologies, and fertilizer manufacturer Yuntianhua.

The financial institution also announced removals. The index of Chinese equities will exclude two Hong Kong-listed stocks, including Cifi Ever Sunshine Services Group, a property management firm, and Logan Group, a real estate developer. The adjustments will be effective after trading ends on Aug. 31.

The MSCI China Index tracks 715 stocks, covering about 85 percent of the market capitalization of Chinese equities. The index has fallen 15 percent this year as of July 29.

The battery market has been booming. Tianqi Lithium expects its net profit to have soared to a point between CNY9.6 billion and CNY11.6 billion (USD1.4 billion and USD1.7 billion) in the first half, the Chengdu-based company said in its earnings forecast on July 14.

Tianqi Lithium's stock price [SHE: 002466] closed 2 percent down at CNY115.11 (USD17.10). The shares are 7.6 percent up this year.

Editor: Emmi Laine

 

 

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Keywords:   MSCI,Tianqi Lithium