On August 22, Jiangsu Guotai Guomao Co., Ltd. announced that its subsidiary, Ningde Guotai Huarong New Materials Co., Ltd., intends to terminate the investment and construction of a project with an annual production capacity of 400,000 tonnes of lithium-ion battery electrolyte. The project has not yet officially commenced construction, and the company is currently actively coordinating with the government regarding follow-up matters related to the land.
Reasons for the termination include changes in external objective conditions and industry environment, as well as intense market competition that makes it difficult to absorb the planned production capacity. The company stated that the termination of this investment project will not have a significant adverse impact on its normal production and operations or current profits.
Edited by Cassie Li, lixiangying@mysteel.com
