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Known by the symbol “Co” on the periodic table, cobalt may be relatively unfamiliar to most. But the silvery gray metal has boomed in recent years as a key component for electric vehicle (EV) batteries, used in the cathode to prevent overheating, improve battery safety and extend service life.

Nanjing Hanrui Cobalt Co. Ltd. (300618.SZ) is hoping its position as a major cobalt powder maker will attract investors to its second attempt at a Hong Kong IPO, as it filed a listing application on Monday. The private company is mainly engaged in the production of cobalt powder and cobalt compounds, which are used in EVs and electronic devices. But Hanrui could face major headwinds as several global EV and battery makers move toward cobalt-free products, and instability remains a regular threat in the Democratic Republic of Congo (DRC) where the company's main business is based.