(Bloomberg) -- Tianqi Lithium Corp. announced the termination of a private share sale plan after receiving exchange query questioning the motives of the deal.
The Chinese company said in a statement to Shenzhen stock exchange on Sunday that it ended the plan to avoid short-swing trading and protect the interests of smaller shareholders.
Cancellation of the sale won’t impact the company’s business operation and development, the lithium producer said, but favors equity financing in future as it has a relatively high debt-to-asset ratio.
The company announced on Friday night that it planned to raise no more than 15.9 billion yuan ($2.45 billion) by issuing shares to its controlling shareholder Chengdu Tianqi Industry Group Co.
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