On 27 Nov., 2023, the official website of Shanghai Stock Exchange (SSE) showed that due to the withdrawal of IPO application by NGF Chemical Co., Ltd. (NGF) and its sponsor institution, SSE decided to terminate the IPO of NGF and review its listing on the main board of SSE. It is reported that this NGF IPO raised USD199.29 million (RMB1.42 billion), of which USD35.16 million (RMB249.63 million) was used for "the new project of 5,000 t/a of lithium hexafluorophosphate (LiPF₆)", accounting for 17.64% of the total raised funds.

On 29 Nov., 2023, Xinyangfeng Agricultural Technology Co., Ltd. (Xinyangfeng Agricultural) announced that in view of the changes in market environment and form, to control risks of foreign investment, it decided to terminate the comprehensive utilisation project of phosphorus chemical industry and fluorine and silicon resources associated with phosphorus ore of Yangfeng Chuyuan New Energy Technology Co., Ltd., a wholly-owned subsidiary of Xinyangfeng Agricultural. The main construction contents of the project include fluorosilicone chemical industry, new energy materials and phosphorus chemical industry. The products include: 10,000 t/a LiPF₆, 30,000 t/a anhydrous hydrogen fluoride, 250,000 t/a purified phosphoric acid, etc. Purified phosphoric acid can be used to manufacture lithium ferrous phosphate as raw material of lithium battery.

Xinyangfeng Agricultural's main business is phosphate fertiliser; this project is the first LiPF₆ business of the company.

On 28 Nov., 2023, Do-Fluoride New Materials Co., Ltd. (DFD), a leading enterprise of LiPF₆, released its 2023 annual performance forecast. According to the forecast, the estimated net profit attributable to shareholders of listed companies in 2023 is USD78.76 million (RMB560.00 million), down 68.17% YoY. On the same day, the secretary of the board of directors of DFD told the media that the company planned to increase the LiPF₆ production capacity by 10,000 t/a in 2024 to cope with the decline in performance.

In recent years, the rapid growth of production and sales of new energy vehicles in China has increased the number of manufacturers producing LiPF₆. With overcapacity and imbalance between supply and demand in the industry, the price of LiPF₆ has been declining continuously recently; the industry has entered a reshuffle stage. In the short run, the decline of LiPF₆ is cyclical, which will continue to eliminate some LiPF₆ manufacturers with limited strength. In the long run, the penetration rate of new energy vehicles in China is only 31% at present, which means there is still much room for growth in the future; if there is no technological advancement to replace LiPF₆ in the future, there will still be a large market demand for LiPF₆ in the future.