HK Stock Market Move | Ganfeng Lithium Group (01772) fell more than 6% in early trading; net profit for the first three quarters increased 195-fold, while third-quarter net profit declined 68% quarter-on-quarter.

Ganfeng Lithium Group (01772) fell more than 6% in early trading. As of press time, it was down 6.09% at HK$24.04, with a turnover of HK$304 million. On the news front, Ganfeng Lithium Group released its results, with revenue for the first three quarters reaching RMB 36.159 billion, up 147.24% year-on-year; net profit attributable to shareholders was RMB 5.012 billion, up 19,540.50% year-on-year. In the third quarter alone, Ganfeng Lithium Group's net profit attributable to shareholders was RMB 755 million, up 35.62% year-on-year, but down 68% quarter-on-quarter from RMB 2.42 billion in the second quarter. On October 15, the main lithium carbonate contract fell below the RMB 100,000/tonne mark, down 50% from its May high. Huatai Futures pointed out that the current expectation of loose supply and weak demand continues to fuel bearish sentiment, and lithium carbonate futures have fallen sharply for consecutive sessions. The core reasons are the combined bearish factors of expectations for a large increase in forward supply and the "Golden September and Silver October" peak season falling short of expectations, compounded by concentrated short selling by funds, with the bottom range lacking strong support.