Xiamen Tungsten Industry (600549) disclosed after hours on the 16th that it plans to increase its capital to Ganzhou Tengyuan Cobalt Industry Co., Ltd. by 118 million yuan, of which 11.4 million yuan will be included in the registered capital of Ganzhou Tengyuan, accounting for 15% of its registered capital after the increase, and the rest will be included in the capital reserve fund.

Ganzhou Tengyuan is one of the cobalt series product production enterprises. Xiamen Tungsten is currently the largest customer of Ganzhou Tengyuan, and Ganzhou Tengyuan is also one of the top three suppliers of cobalt salts required for Xiamen Tungsten battery materials. Xiamen Tungsten Industry stated that this capital increase is conducive to ensuring the demand for cobalt metal in the development of battery materials and improving the ability to guarantee cobalt resources.