A Chinese billionaire who controls a key part of the battery supply chain is in talks to list some of his empire in South Korea, a step that could help his company invest and sell in the US despite Joe Biden’s policies aimed at cutting reliance on China.
Bai Houshan’s Shanghai-listed Ronbay Technology dominates part of the global market for high-nickel cathode electrodes and is expanding rapidly in South Korea.
The company is weighing plans to separate its Korean operations from its Shanghai entity in a bid to avoid tariffs of up to 25 per cent on Chinese-made components and access subsidies under Washington’s Inflation Reduction Act, according to three people familiar with the matter.
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