高溢价收购锂矿“再现”，全球优质锂资源争夺“重启”

Core Viewpoint - The lithium battery industry is entering a new upward cycle, leading to a resurgence in mergers and acquisitions in the upstream lithium resource sector, with notable premium acquisitions signaling market confidence and future demand expectations [2][4]. Group 1: Mergers and Acquisitions - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion RMB, which will increase its ownership to 70%. The core asset is the Huirong lithium mine, which has confirmed lithium oxide (Li2O) resources of 989,600 tons with an average grade of 1.62%, one of the highest in Sichuan [2][4]. - The acquisition reflects a valuation increase of approximately 388%, indicating a strategic move to secure high-quality domestic lithium resources [3][7]. - This acquisition aligns with Shengxin Lithium Energy's strategy to increase lithium resource self-sufficiency and expand production capacity, particularly following the successful development of the Aoyinuo mine in high-altitude regions of Sichuan [4][6]. Group 2: Market Dynamics - The current wave of mergers differs significantly from the previous cycle (2021-2023), which was characterized by Chinese companies acquiring overseas lithium resources and extreme bidding wars in domestic markets, leading to unsustainable price levels [6][8]. - The current acquisition by Shengxin Lithium Energy is seen as more rational and strategic, with a premium level closer to the common range of 20%-90% in international markets, contrasting sharply with the extreme multiples seen in domestic auctions [7][8]. - The acquisition is based on careful assessment of confirmed reserves and mining rights, rather than speculative exploration rights, indicating a more prudent approach to resource acquisition [8]. Group 3: Strategic Implications - The Huirong mine is located in a key mineralization belt in Asia, reducing geopolitical and regulatory risks associated with overseas projects, and aligning with national policies promoting resource self-sufficiency [9][10]. - The U.S. government is also reassessing the strategic value of lithium resources, negotiating to acquire up to 10% of Lithium Americas as part of a broader strategy to secure critical mineral supplies [11][14]. - Companies in the midstream sector, such as Zhongwei Co. and Fangyuan Co., are also shifting focus upstream to secure high-quality raw materials, indicating a collective movement towards a more strategic and rational competition for lithium resources [16][18].