Zhenhua New Material Temporarily Suspends $6.245B Lithium Battery Cathode Material Project

Published: Apr 30, 2025 19:06

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[Total Investment of 6.245 Billion Yuan! Zhenhua New Material's Lithium Battery Cathode Material Project Temporarily Suspended] Recently, Zhenhua New Material announced that the company held board and supervisory board meetings on April 24, 2025, and approved the "Proposal on Re-evaluating and Temporarily Suspending the Implementation of Investment Projects with Raised Funds." According to the proposal, the company will temporarily suspend the implementation of the cathode material production line construction project (Yilong Phase III). According to the announcement, the Yilong Phase III project was originally planned to have a total investment of 6.245 billion yuan, with 1 billion yuan to be funded by raised capital. The project was approved by the board of directors in June 2022, received approval from the China Securities Regulatory Commission in February 2023, and completed a private placement in January 2024, raising a net amount of 1.09 billion yuan. As of now, the project has only completed preliminary work such as land acquisition and partial site leveling, and has not yet utilized the raised capital for investment.

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