Caixin
Nov 17, 2021 09:11 PM
BUSINESS

Battery-Maker CATL Cuts Fundraising Target After Questions From Shenzhen Bourse

Lithium-ion batteries developed by CATL at the 2021 China International Fair for Investment & Trade on Sept. 8 in Xiamen, East China's Fujian province. Photo: VCG
Lithium-ion batteries developed by CATL at the 2021 China International Fair for Investment & Trade on Sept. 8 in Xiamen, East China's Fujian province. Photo: VCG

Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) cut billions of yuan off the amount of capital it intends to raise through a private share placement after the Shenzhen Stock Exchange suggested the plan was excessive.

According to an exchange filing (link in Chinese) published Monday, CATL will now seek to raise 45 billion yuan ($7.05 billion) — instead of 58.2 billion yuan announced on Aug. 12 — from up to 35 institutional investors by selling a 10% stake of the company, as part of a plan to roughly double its battery capacity.

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