Core Viewpoint - Tianqi Lithium is optimizing its financial structure and strategic layout through capital operations, including fundraising and asset disposal, to strengthen its position in the lithium sector [2][9]. Fundraising Details - Tianqi Lithium plans to issue 65.05 million H-shares at a price of HKD 45.05 per share, raising approximately HKD 58.607 billion, with a net amount of about HKD 58.29 billion after fees [3][4]. - The company will also issue zero-coupon convertible bonds totaling RMB 2.6 billion, convertible into H-shares at an initial price of HKD 49.56 per share [3][4]. Use of Proceeds - The funds raised will support strategic development in the lithium sector, including project development, capital expenditures, and acquisitions of quality lithium assets [4][10]. - Remaining funds will be used to supplement working capital and for general corporate purposes [4]. Financial Performance - Tianqi Lithium expects a net profit attributable to shareholders of RMB 369 million to RMB 553 million for 2025, with a non-recurring profit of RMB 240 million to RMB 360 million, indicating a turnaround from previous losses [9]. - The company has seen improvements in profitability despite market fluctuations in lithium product prices, aided by better pricing mechanisms and reduced impairment losses [9]. Asset Disposal - The company plans to dispose of part of its equity in its associate companies, including 2.02172 million shares of Zhongchuang Innovation and 3.566 million shares of SQM, to enhance asset liquidity [10][11]. - The book value of the SQM shares to be disposed of is approximately USD 206 million (RMB 143.4 million), while the shares of Zhongchuang Innovation have a book value of HKD 516 million (RMB 45.9 million) [10].