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China’s top producer of Lithium, Ganfeng Lithium Co., the metal used in electric-vehicle batteries, is seeking to raise around $676 million. This income will be generated through an IPO on the Hong Kong Stock Exchange.

Ganfeng, a Jiangxi based company is offering 200.2 million shares at HK$16.50 to HK$26.50 each. This is an unusually low price when compared to the closing value on the Shenzen market on Tuesday, which represents a 29% to 56% discount.

Approximately one-third of the IPO value is being bought up by six large investors, including South Korean Samsung SDI Co., and battery makers LG Chem Ltd. Both agreed to buy around $50 million each in the first round. Other large stakeholders include the China Structure Reform Fund, who will buy around $70 million of the IPO. The total expected amount so far pre-sold reaches 33% of the IPO.

This IPO comes after the Ganfeng-Tesla contract that secured three years of Lithium supply to Tesla. This contract secures a fifth of all of Tesla’s Lithium needs from Ganfeng.

Due to the large delta between the Gangfeng Shenzen price and the expected Hong Kong IPO, the share price is dropping radically and has already shed 32%. The IPO is being managed by Citigroup Inc., and the offering is set for Oct. 3rd US Eastern time, and trade will officially commence on Oct. 11th.