Tinci Materials Technology Scraps Battery Materials Project; Shares Fall 4%

Guangzhou Tinci Materials Technology (SHE:002709) terminated its subsidiary Nantong Tinci's 243,000-ton lithium battery and fluorinated new materials project. The new energy material manufacturer scrapped the project due to intensified competition, oversupply in the electrolyte market and a deteriorating fluorochemical industry environment, according to a weekend filing with the Shenzhen Stock Exchange. The company said its existing 200,000-ton capacity in Liyang, closer to key clients, is more cost-effective. No substantive construction had begun beyond land preparation, with only 9.4 million yuan spent on preliminary work. Shares of Tinci Materials Technology were down 4% in recent trade.