On June 19th, Ganfeng Lithium, stated that an appeal submitted to the Financial Market Commission of Chile (CMF) has not been approved by the country's financial regulatory agency, which means that Ganfeng Lithium has encountered setbacks in trying to prevent the nationalization of its important shareholder, Sociedad Química y Minera de Chile (SQM). Ganfeng Lithium pointed out in a Shenzhen Stock Exchange announcement that CMF has issued a reply to the submission of appeal materials by the company's wholly-owned subsidiary, Tianqi Chile. CMF believes that the partnership agreement should not be decided by a special shareholder meeting of SQM, and that the transaction should be analyzed and resolved by SQM's board of directors. Therefore, CMF does not agree with the appeal by Tianqi Chile. Previously, Ganfeng Lithium had advocated for SQM to hold a special shareholder meeting on the partnership agreement with Corporación Nacional del Cobre de Chile (Codelco) and obtain two-thirds voting rights at the shareholder meeting to approve the transaction. Ganfeng Lithium is currently the second largest shareholder of SQM. If SQM eventually becomes state-owned, it may weaken Ganfeng Lithium's equity in SQM and thereby affect the company's investment income.