By Bingyan Wang


Shares of Ganfeng Lithium were higher in the first trading session in China after the Lunar New Year break after the company said it expects 2022 net profits to quadruple from the previous year.

The Shenzhen-listed lithium maker's stock jumped as much as 6.0% in early trade Monday, widening its the year-to-date gains to 15%. The benchmark Shenzhen Composite Index was last 1.4% higher.

Ganfeng Lithium said in a late Sunday filing to the Hong Kong stock exchange that it expects its 2022 net profit to range between 18.0 billion yuan (US$2.65 billion) to CNY22.0 billion, supported by higher demand for lithium products and a significant increase in sales to the energy storage industry. Ganfeng Lithium's 2021 net profit was CNY5.22 billion.

Shares of others Chinese lithium producers, which are major suppliers of electric vehicle battery makers, were also higher following news of robust new energy vehicles sales during the Lunar New Year holiday. Eve Energy Co. and Tianqi Lithium Corp. gained 7.7% and 5.4%, respectively,

Shares of battery maker Contemporary Amperex Technology Limited were last up 5.2% and while electric vehicles maker BYD Co. gained 5.7%.

Shares of Ganfeng Lithium was last 2.3% higher.


Write to Bingyan Wang at bingyan.wang@wsj.com


(END) Dow Jones Newswires

01-29-23 2219ET