June 10 — Xiongtai Co. shares hit the daily limit after market reports said funds originally earmarked for hydrogen and lithium capacity expansions were redirected, leading investors to conclude the company’s expected second growth curve has been shelved and growth expectations were downgraded. The company said operations are normal and that hydrogen still has market potential but is not market-ready in the near term and therefore did not meet the standards for a second growth engine. To avoid p

June 10 — Xiongtai Co. shares hit the daily limit after market reports said funds originally earmarked for hydrogen and lithium capacity expansions were redirected, leading investors to conclude the company’s expected second growth curve has been shelved and growth expectations were downgraded. The company said operations are normal and that hydrogen still has market potential but is not market-ready in the near term and therefore did not meet the standards for a second growth engine. To avoid potential large losses the firm repurposed the related funds. Xiongtai added the lithium battery division is in a similar position: some projects have been built but the company will not commit new capital to further projects for now.