Changes in Hong Kong stocks | Longpan Technology (02465) fell more than 4% in early trading and plans to sell part of its subsidiary PT LBM shares to deal with US related policy restrictions

The Zhitong Finance App learned that Longpan Technology (02465) fell more than 4% in early trading. As of press release, it decreased by 3.19% to HK$6.375, with a turnover of HK$172.181,000.

According to the news, Longpan Technology announced that LBM (AP), the company's second-tier holding subsidiary, plans to sell 76% of its PTLBM shares to KINETIQ for 31.92 million US dollars. The deal involves a lithium iron phosphate cathode material factory with an annual output of 90,000 tons in Indonesia. The purpose of this transaction is to enable PTLBM to comply with non-PFE certification under the US “Big and American Act” and guarantee supply to North American customers. Once the transaction is completed, PTLBM will no longer be included in the scope of the company's consolidated statements.