Ganfeng Lithium, the world’s third largest and China’s largest producer of lithium salts, said it is facing an investigation by the nation’s securities market regulator for suspected insider trading, cautioning investors of risks in buying its shares, reports the South China Morning Post.
The China Securities Regulatory Commission (CSRC) officially started probing suspicious wrongdoings on January 24 in relation to the company’s buying and selling of an undisclosed mainland-listed stock in the secondary market, Ganfeng said in a Shenzhen exchange filing on Sunday. It was only informed of the case on Friday, it added.
Its daily operations are not affected by the probe, the company said. Ganfeng, based in eastern Jiangxi province, counts Tesla and BMW among its customers.