Daily Brief Industrials: Contemporary Amperex Technology (CATL), GiG Works and more

• Significant increase in the lithium market, with double digit percentage increases in the sector
• The information about the market came from China and was transparent, leading to positive market reactions
• Potential impact on downstream battery facilities and operating costs for CATL ‘s lepidolite mine

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• An announcement by Contemporary Amperex Technology Co. Ltd. (CATL) that is to halt production at its giant lithium concentrator in Yichun, Jiangxi province, triggered a sharp rise in domestic lithium mining companies’ stocks.
• Ganfeng Lithium Group Co. Ltd. and Tianqi Lithium Corp. hit their daily price limits Wednesday, while other lithium firms saw significant gains.
• CATL’s decision to stop production comes after steep falls in lithium prices, which have dropped 60% from previous highs.

• Revenue declined YoY to JPY19.3bn, with an operating loss of JPY199mn and a net loss of JPY329mn.
• On-demand Economy, Digital Marketing, and System Solutions segments saw revenue and profit declines; Sharing Economy turned an operating profit.
• Investments in Web3 and SNPIT app reduced On-demand Economy profits; premium membership grew despite customer acquisition costs.