S. Korean Retail Investors Dump Tesla, Open Wallets for China’s Tianqi Lithium

SEOUL, Aug. 16 (Korea Bizwire)—South Korean retail investors have sold shares in electric vehicle leader Tesla Inc., while making large purchases of shares in the China-based Tianqi Lithium Corp. over the past month, data showed Monday.

Local individual investors net sold US$319.9 million worth of Tesla shares during the period from July 12 to August 12, according to the Korea Securities Depository.

After reaching a peak near $1,200 last fall, Tesla’s share price slid to the $600 level in mid-June when U.S. tech stocks plunged. Retail investors recently sold Tesla shares as the stock recovered to about $900 amid a recent market rebound.

Among foreign stocks, the top pick for individual investors was Tianqi Lithium, a Chinese supplier of the metal used in EV batteries, for which net purchases amounted to $152.29 million during the past month.

On the China’s Shenzhen Stock Exchange, shares in Tianqi Lithium almost tripled from 39.27 yuan in late 2020 to 116.68 yuan today.

Tianqi Lithium joined the Hong Kong stock market last month at an initial public offering (IPO) price of HK$82, and its price was HK$86.25 on August 16.