GEM Co. Ltd. Files for Hong Kong Listing Amidst Battery Boom
Shenzhen-based G Co. Ltd. (002340.SZ), a leading player in electronic waste recycling, has filed for a Hong Kong listing. This move comes amidst surging demand for recycled materials in the battery industry.
G Co. specializes in recycling retired lithium-ion batteries, with a significant increase in recycling volume. In the first half of 2025, the company recycled 22,400 tons of these batteries, a 37% year-on-year rise. The company's revenue has also seen remarkable growth, more than tripling from $10.75 billion in 2017 to $4.67 billion in 2024.
G Co.'s influence extends globally. In 2024, it held the second-largest market share of 19.7% in ternary precursors. The company has also maintained the top global ranking for ultrafine cobalt powder for 12 consecutive years. Looking ahead, G Co. is poised to benefit from the increasing number of electric vehicle batteries reaching their end-of-life, with a potential wave of battery swap-outs starting in 2026. By 2030, China's retired NEV batteries are projected to reach 2.3 million tons, with 30% of the nickel, cobalt, and lithium coming from recycling.
G Co.'s strategic listing in Hong Kong aims to capitalize on the growing demand for recycled materials. With a strong track record in recycling and a stable supply of raw materials from its mining projects, G Co. is well-positioned to meet the increasing need for battery materials. The company's success will not only contribute to the battery industry but also promote sustainability and circular economy.
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