Chinese Carmaker Zotye Denies a Battery Rumor That Saw Shares Skyrocket

What’s new: A notice from the bourse has prompted Zotye Automobile Co. Ltd. (000980.SZ) to deny a rumor that it will import a foreign-made electric-vehicle (EV) battery production line, amid speculation it could best China’s market-leading Contemporary Amperex Technology Co. Ltd.

The Zhejiang province-based carmaker denied the rumor in a Monday exchange filing after receiving a notice from the Shenzhen Stock Exchange asking it to clarify the situation. The rumor had helped send its share price surging 10% on each of the past three trading days — the daily limit.