(Yicai Global) Sept. 28 -- Baotailong New Materials Co. admitted yesterday that the claim that "the company ranks first nationally in terms of graphene output and capacity" lacks a specific authoritative basis and source of supporting data after being questioned by the Shanghai Stock Exchange.

Chairman Jiao Yun personally judged that "the company definitely ranks first in China in the technical reserves and production of graphene," but no specific authoritative foundation led him to this conclusion, the graphene developer said in a filing yesterday.

The company conceded that it has not yet realized the industrialization and large-scale production of graphene products.

The application of graphene is still in the exploratory stage and has not passed large-scale industrial verification, the entire industrial chain has not been penetrated, and an industrial supply and demand market has not fully formed thus far, the filing said.

Baotailong New Materials responded to media reports that it will continue to invest in the development of projects including ones covering graphene, graphite concentrate and lithium cathode materials to form a "high-end graphite deep processing industrial cluster with unique features," saying that this is only the company's strategic plan. The group clarified that it currently has no "clear cooperation projects, cooperation plans, or objects of acquisition."