Zhi Tong Cai Jing·2026-02-04 07:52Core Viewpoint - JPMorgan released a report indicating that Tianqi Lithium (002466)(09696) plans to issue new H-shares to raise approximately $375 million (HKD 2.9 billion) and issue zero-coupon convertible bonds worth RMB 2.6 billion (approximately $375 million) maturing in 2027, which may lead to a dilution of about 3.7% to 3.8% in the expanded share capital [1] Group 1 - The issuance of convertible bonds and equity placement is expected to increase the likelihood of Tianqi pursuing merger and acquisition transactions [1] - The total potential dilution exceeding 6% is a point of concern and may exert short-term pressure on the stock price [1] - The trend of lithium and other basic materials companies raising funds through convertible bonds/equity placements is likely to continue [1] Group 2 - Looking ahead, Tianqi is expected to benefit from the sustained growth in lithium demand driven by energy storage systems [1] - There are potential risks related to inventory management and the timing of further production increases or restarts at mining sites, which could impact operational performance and market pricing [1]