Tesla’s Chinese battery supplier raises CNY58.2 billion to expand lithium-ion ba...
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Tesla’s Chinese battery supplier raises CNY58.2 billion to expand lithium-ion battery production
9 hours agoTesla battery supplier Contemporary Amperex Technology (CATL), the world’s biggest maker of lithium-ion batteries, plans to raise as much as CNY58.2 billion through a private share placement to fund its expansion.
Detail：
CATL will sell 232 million shares, which is equivalent to a 10 percent stake, to 35 institutional investors, according to the company’s filing with the Shenzhen Stock Exchange.
CATL will use the net proceed to fund five lithium-ion battery projects, support innovation on new energy technology and replenish working capital.
If CATL‘s private placement go through, the financing will be third largest in the history of mainland stock exchange.
The market capitalization of CATL is at 1.2 trillion yuan, making it the fourth-biggest company on the Shanghai and Shenzhen exchanges.
The share price of CATL reached an all-time high of 569 yuan on Auguest 4, making its chairman Zeng to Hong Kong’s richest person with a personal fortune of USD45 billion.
Context:
Analyst still anticipate a bright prospect for CATL despite the company’s overestimated market value.
China International Capital Corp (CICC) lifted CATL’s 2022 earnings estimate by 20 per cent to CNY24 billion and for 2023 by 40 per cent to CNY38 billion, noting the placement will put the company in a strong position to take additional market share away from rivals.
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