If You Invested in Graphex Group Limited (GRFX)

Graphex Group Limited (symbol GRFX for its American Depositary Shares) is described in its public communications as a multinational technology company focused on the development of technologies and products to enhance renewable energy. According to multiple company announcements, Graphex concentrates on the refining of natural spherical graphite, synthetic graphite, and graphene-related products, which are key components in electric vehicles (EVs), lithium-ion batteries, and other advanced applications.

The company states that it has extensive commercial experience in the deep processing of graphite and in producing battery-grade graphite anode material. Across its disclosures, Graphex reports a current graphite anode production capacity of approximately 10,000 tonnes per annum (tpa), with expansion plans and projects under way that are intended to significantly increase this capacity over time. These expansions include projects in China and initiatives tied to a broader "mine-to-battery" strategy.

Business focus and operations

In its press releases, Graphex describes itself as a global leader in mid-stream processing of natural graphite, specializing in the production of high-quality anode materials for lithium-ion batteries. The company highlights its role in the EV and renewable energy industries, emphasizing that its refined graphite and graphene-related products are critical materials for battery systems used in EVs, energy storage, and other renewable energy applications.

Graphex reports that it holds patents in areas including products, production methods, machinery design, and environmental protection. These patents are referenced by the company as part of its technical base for deep processing of graphite and for producing specialized graphite anode materials.

Production capacity and expansion plans

Across several announcements, Graphex consistently notes that its current production of graphite anode material is about 10,000 tpa. The company also repeatedly outlines expansion plans to increase capacity over multiple stages. In various communications, Graphex has described an expansion path targeting:

• An increase from 10,000 tpa to 30,000 tpa within a period referenced as 9 to 12 months in earlier releases.
• Further expansion to 50,000 tpa and then to 60,000 tpa through phased projects, including work in Qingdao, Shandong in the PRC.
• Longer-term objectives to reach 100,000 tpa and ultimately 150,000 tpa or more by 2030, as described in multiple “About Graphex” sections.

One of the company’s disclosed projects involves a graphite deep processing facility in Nanshu Town, Laixi City, Qingdao, Shandong, PRC. In an update on its China expansion plan, Graphex describes a Phase 1 Project designed to implement manufacturing facilities for 20,000 tpa of natural graphite anode material for lithium-ion batteries. A Phase 2 Project is described as targeting manufacturing facilities that produce 20,000 tpa of natural graphite anode material and 100 tonnes of graphene oxide used as additives in battery systems to enhance conductivities. The company notes that Phase 1 has encountered power supply challenges that have delayed implementation, and that it is working with local authorities and engineering firms to address these issues.

Mine-to-battery and geographic initiatives

Graphex has publicly discussed a global mine-to-battery strategy, particularly focused on serving the North American and Chinese markets. In its communications, the company states that it has over a decade of commercial-scale graphite production experience and proprietary technology and methods. It describes plans to create separate, domestic end-to-end production ecosystems from mine to battery to serve different regional markets.

Through its wholly owned U.S. subsidiary, Graphex Technologies, LLC, Graphex has outlined a North American build-out that includes plans to establish graphite processing facilities in locations such as Michigan. The company has referenced a planned graphite processing plant in Warren, Michigan, which is expected to deliver coated purified spherical graphite for lithium-ion batteries, and has mentioned offers of state and local incentives related to that facility. Graphex presents this North American initiative as part of a broader effort to support domestic supply chains for critical battery minerals.

Supply agreements and partnerships

In several press releases, Graphex and its U.S. subsidiary describe offtake agreements and collaboration arrangements intended to secure diverse upstream sources of natural flake graphite. For example, Graphex Technologies announced an offtake agreement with a subsidiary of Syrah Resources Limited for natural flake graphite from Syrah’s Balama graphite operation in Mozambique. The company states that it plans to process graphite from Balama at future North American facilities.

In another update, Graphex lists a series of global collaboration agreements and planned offtake relationships with companies that have graphite assets in regions such as Mozambique, Canada, Namibia, Brazil, the United States, Tanzania, Ukraine, and Australia. These relationships are described as part of an ex-China mine-to-battery approach aimed at supplying North American automakers and battery manufacturers with graphite anode material that aligns with preferences for diversified and domestic or ex-China supply chains.

Corporate structure, listings, and trading status

Graphex Group Limited is identified in SEC filings as a foreign private issuer that files reports on Form 20-F and Form 6-K. The company states that its ordinary shares are listed on The Stock Exchange of Hong Kong Limited (HKSE: 6128). Historically, its American Depositary Shares (ADSs) traded on the NYSE American under the symbol GRFX.

In a May 2025 announcement, Graphex reported that the NYSE American LLC issued a delisting letter for its ADSs and suspended trading under the symbol GRFX as of May 14, 2025. The company explains that this action was related to non-compliance with certain NYSE American Company Guide provisions, specifically the failure to timely file its Form 20-F for the year ended December 31, 2023, within the cure period granted by the exchange. Graphex states that, following the suspension, its ADSs trade on the OTC Expert Market operated by OTC Markets Group, Inc.

The company notes that the ordinary shares continue to trade on the HKSE and that trading of those ordinary shares on the Hong Kong exchange is not affected by the NYSE American delisting action. Graphex also states in its SEC Form 6-K filings that it is an issuer with ordinary shares listed on the HKSE and ADSs traded on the OTC Expert Market.

Regulatory reporting and Hong Kong listing obligations

Graphex’s SEC filings indicate that it complies with HKSE listing obligations, including the timely filing of audited financial statements prepared in accordance with International Financial Reporting Standards (IFRS) by Crowe (HK) CPA. The company notes that these financial statements and related annual reports are filed with the SEC on Form 6-K as well.

In a 2025 Form 6-K, Graphex furnishes an announcement of its unaudited interim consolidated financial results for the six months ended June 30, 2025, stating that these results have been reviewed by its audit committee and that the announcement complies with relevant HKSE Listing Rules. Other Form 6-K filings reference announcements regarding annual general meeting poll results, board meeting notices, and director changes, reflecting ongoing corporate governance and shareholder meeting processes.

U.S. audit and delayed filings

In its May 2025 delisting-related announcement, Graphex explains that it was not able to timely file its Form 20-F for the year ended December 31, 2023, largely because the financial audit by a PCAOB-registered audit firm for that fiscal year had not been completed. The company reports that it engaged SFAI Malaysia PLT as its new independent PCAOB-registered public accounting firm for its U.S. GAAP consolidated financial statements and that it continues to work with this firm to complete the audits and annual reports on Form 20-F for fiscal years 2023 and 2024. Graphex also states that there are no disagreements with this audit firm regarding the financial statements.

Earlier, in November 2024, Graphex announced that it had received an extension from the NYSE American to regain compliance with listing rules related to the delayed Form 20-F filing, with a new cure deadline of May 15, 2025. The company noted that the ADS listing continued on the exchange during that additional cure period, subject to compliance with other listing requirements and regulatory review. It also cautioned that there could be no assurance that it would ultimately regain compliance with all applicable listing standards.

North American spinoff and strategic transactions

Graphex has disclosed plans and preliminary steps related to a potential spinoff of its U.S. subsidiary, Graphex Technologies, LLC. In June 2023, the company announced that it had engaged Maxim Group LLC as a financial advisor to explore a possible spinoff of Graphex Technologies as a standalone U.S. entity focused on the North American market for lithium-ion battery materials. The company stated that the terms and conditions of any spinoff would be determined after analysis by Maxim.

In December 2023, Graphex reported that it had entered into a Letter of Intent (LOI) with a NASDAQ-listed special purpose acquisition company (SPAC) regarding a proposed acquisition of 100% of the equity interest of Graphex Technologies. The LOI contemplated a pre-money enterprise valuation range for Graphex Technologies, with consideration to be paid solely in shares of the SPAC’s common stock, subject to definitive agreements, shareholder approvals, regulatory requirements, and other conditions. Graphex indicated that, upon completion of the transaction, the consideration shares for the separation of Graphex Technologies would be distributed to all Graphex Group shareholders and that Graphex Technologies would become an independent public company. The company also cautioned that there could be no assurance that the transaction would be completed on acceptable terms or at all.

Position in the EV and renewable energy supply chain

In its "About Graphex" sections across multiple releases, the company states that it is among the top suppliers of specialized graphite anode material to the EV and renewable energy industries. It emphasizes its role in supporting energy transition and electrification efforts worldwide by expanding operations globally and by focusing on the production of refined graphite and graphene-related products for lithium-ion batteries.

Graphex’s communications highlight that graphite is a crucial component in EV batteries and that its products are used as anode material in lithium-ion cells. The company frequently links its expansion plans, supply agreements, and North American build-out to the broader context of increasing demand for EVs and the need for resilient, diversified supply chains for critical battery minerals.

Company status and trading context

Based on the information in its SEC filings and public announcements, Graphex Group Limited continues to operate as a company with ordinary shares listed on the HKSE and ADSs traded on the OTC Expert Market. The NYSE American delisting action applies to the ADS listing on that exchange and does not affect the listing of ordinary shares in Hong Kong. Graphex notes that it has the right to appeal the NYSE American staff’s determination and that it is considering such action, while also stating that there is no assurance that any appeal would be successful or that the ADSs would be relisted.