Shares of Tianqi Lithium slumped about 10% in their Hong Kong market debut Wednesday, after the Chinese company raised about $1.7 billion in its listing.
Tianqi's Hong Kong offering has drawn seven cornerstone investors that are set to snap up about 38Ha said the electric vehicle market is showing strength globally and is not just limited to China.
"We can see that in Europe and in the other places in the world there is still very strong demand of EV," he said. Ha added electric vehicle demand in the next five to six years is likely to stay elevated as more countries pledge to become carbon neutral by 2050. The current market sentiment is quite challenging but given fundamentals of Tianqi Lithium, the company's earnings potential is better than others given "very high lithium prices," said Dennis Ip, head of power and utilities, at Daiwa Capital markets.
"Tianqi Lithium share price is very driven by the lithium compound prices as well," he told CNBC on Wednesday. "We still think that lithium price will remain strong in the second half this year, but next year will be challenging," as demand can be affected by the macroeconomic environment, he added.
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