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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Tianqi Lithium Corporation    002466   CNE100000T32

TIANQI LITHIUM CORPORATION

(002466)
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Tianqi Lithium president leaves embattled Chinese firm

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08/16/2020 | 08:00pm EDT

BEIJING, Aug 15 (Reuters) - China's Tianqi Lithium Corp said its president Vivian Wu has left the company, as the indebted producer of a key commodity for electric-vehicle batteries looks for a way out of a perilous financial situation.

Wu, who had been with the Chengdu-based firm since 2011, submitted a written resignation to Tianqi's board of directors on Wednesday, saying she was stepping down as president and director for personal reasons, according to a filing to the Shenzhen Stock Exchange dated Friday.

Tianqi founder and chairman Jiang Weiping will assume the duties of president until a new appointment is made, the statement said. Wu's term was not due to expire until 2023.

Her departure marks the end of a difficult two years for the executive, who was a key figure in Tianqi's acquisition of nearly a quarter of Chilean lithium miner Sociedad Quimica y Minera de Chile SA (SQM) for $4.1 billion, announced in May 2018.

The high-profile purchase, described by Wu at the time as an "attractive investment" that would greatly benefit shareholders, has left Tianqi saddled with debt it is struggling to repay after a roughly 70% plunge in lithium carbonate prices <AM-995C-LTCB> since the deal was agreed, amid plentiful supply.

Tianqi has said it is considering asset sales and trying to renegotiate the terms of its loans, including a $3.5 billion syndicated facility led by China Citic Bank taken out for the SQM stake purchase.

The company last month removed senior vice president Ge Wei, while members of its Shanghai corporate communications team have also left.

Tianqi expects to stay in the red in the first half of 2020 after a 6 billion yuan ($860 million) net loss in 2019, but said on an investor platform this month it was seeing stronger orders in the second half and saw downstream demand improving. ($1 = 6.9501 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by William Mallard)


Stocks mentioned in the article
ChangeLast1st jan.
CHINA CITIC BANK CORPORATION LIMITED -0.39% 5.09 End-of-day quote.-17.50%
CITIC LIMITED 0.00% 5.71 End-of-day quote.-45.20%
CITIC SECURITIES COMPANY LIMITED 1.23% 29.62 End-of-day quote.17.08%
TIANQI LITHIUM CORPORATION -1.84% 20.25 End-of-day quote.-32.90%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.01% 6.70353 Delayed Quote.-3.36%
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All news about TIANQI LITHIUM CORPORATION
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Financials
Sales 2020 3 711 M 553 M 553 M
Net income 2020 -900 M -134 M -134 M
Net Debt 2020 24 939 M 3 715 M 3 715 M
P/E ratio 2020 -40,5x
Yield 2020 -
Capitalization 29 911 M 4 455 M 4 455 M
EV / Sales 2020 14,8x
EV / Sales 2021 10,4x
Nbr of Employees 1 851
Free-Float 65,9%
Chart TIANQI LITHIUM CORPORATION
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Technical analysis trends TIANQI LITHIUM CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Average target price 20,02 CNY
Last Close Price 20,25 CNY
Spread / Highest target 28,9%
Spread / Average Target -1,14%
Spread / Lowest Target -38,3%
EPS Revisions
Managers
NameTitle
Wei Wu President & Director
Wei Ping Jiang Chairman
Jin Yan Chairman-Supervisory Board
Jun Zou Chief Financial Officer & Director
Qing Yang Member-Supervisory Board
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