Ganfeng Lithium Industry (01772) announced that Mr. Li Liangbin, one of the actual controllers of the company, intends to use his own funds to acquire a 70% stake in Xianghuangqi Mengjin Mining Development Co., Ltd. (Mengjin Mining). In view of the fact that Mengjin Mining is engaged in lithium mining and mineral products processing and sales, after the completion of this acquisition, Li Liangbin will form a potential industry competition with Ganfeng Lithium Industry.
Li Liangbin submitted an application for exemption from his original commitment to avoid inter-industry competition with regard to the acquisition of shares in Mengjin Mining. At the same time, in order to effectively resolve the inter-industry competition with Ganfeng Lithium, Li Liangbin made a "supplementary commitment letter on avoiding potential inter-industry competition" on September 22, 2021 on the acquisition of shares in Mengjin Mining. This commitment letter is only applicable to this Mengjin Mining equity acquisition project. Does not constitute a change to the original commitment. The above exemption commitments need to be submitted to the general meeting of the company for consideration, at which time the associated shareholders will avoid voting.
