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

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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.

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