Tianqi Lithium (9696.HK) surged 8% during Hong Kong trading to HK$36.50.

The rally came as lithium carbonate futures jumped nearly 4% earlier Friday, touching a high of 158,520 yuan per metric ton, with the benchmark contract up more than 15% since the start of August. Weekly inventory data from the Nonferrous Metals Network showed destocking of about 7,500 tons, with trader stockpiles at low levels and procurement activity picking up. Downstream battery cell production in August is expected to rise over 7% month on month, with demand forecast to strengthen further as peak season approaches.

Tianqi also stands out on earnings momentum: the company guided first-half 2026 net profit of 2.85 billion to 4.25 billion yuan, up nearly 50-fold year on year, lifted by higher average lithium product prices and broader new-energy industry growth. In a move to lock in downstream supply-chain ties, Tianqi invested 150 million yuan in the Series C+ funding round of Sunwoda EV Energy.