Shenhua Energy’s Market Cap Edges CATL as Investors Eye Fat Dividends

The market cap of coal miner China Shenhua Energy Co. Ltd. (601088.SH) topped that of new energy giant Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) as investors chase high dividends amid a slump in the mainland stock market.

The market cap of Shenhua climbed to 664.6 billion yuan ($93.6 billion) as its Shanghai-listed shares ended on Friday at 33.45 yuan, the highest close in years. CATL, whose stock closed at 150.9 yuan — a 33% drop from the same day last year — had a market cap of 663.8 billion yuan on Friday.