Tech Brief (Apr. 14): CATL Nears 2 Trillion Yuan Valuation

Published: Apr. 14, 2026 11:17 a.m. GMT+8

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CATL Nears 2 Trillion Yuan Valuation

Shares of Contemporary Amperex Technology Co. Ltd. (CATL) hit a record high Monday, pushing its market capitalization close to 2 trillion yuan ($290 billion) as demand surged from artificial-intelligence (AI) data centers and energy storage. Only five companies listed on China’s A-share market have valuations above 2 trillion yuan, including Industrial and Commercial Bank of China Ltd., China Construction Bank, Agricultural Bank of China, PetroChina Co. Ltd. and China Mobile Ltd.

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CATL shares hit record high, market cap nears 2T yuan ($290B) on AI data center, storage demand; one of few A-shares above threshold.
DeepSeek V4 (1T params, MoE) expected late April on Huawei Ascend chips—first domestic frontier AI model.
Shengshu raises 2B yuan for world model; MiniMax open-sources M2.7 (229B params, 56.22% SWE-Pro).

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Who’s Who

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) shares hit a record high, pushing its market cap near 2 trillion yuan ($290 billion). Surge driven by demand from AI data centers and energy storage. Only five A-share firms exceed this valuation: ICBC, CCB, ABC, PetroChina, China Mobile.

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. is one of five companies listed on China’s A-share market with valuations above 2 trillion yuan, alongside China Construction Bank, Agricultural Bank of China, PetroChina Co. Ltd., and China Mobile Ltd. (CATL nears this milestone.)

China Construction Bank: China Construction Bank is one of five companies listed on China’s A-share market with valuations above 2 trillion yuan, alongside ICBC, ABC, PetroChina, and China Mobile. (CATL nears this milestone.)

Agricultural Bank of China: **Agricultural Bank of China** is one of five companies on China’s A-share market with valuations above 2 trillion yuan, alongside ICBC, China Construction Bank, PetroChina, and China Mobile. CATL is nearing this milestone. (38 words)

PetroChina Co. Ltd.: PetroChina Co. Ltd. (中国石油天然气股份有限公司) is one of only five companies listed on China’s A-share market with a valuation above 2 trillion yuan, alongside ICBC, China Construction Bank, Agricultural Bank of China, and China Mobile Ltd. (Source: CATL nearing 2T yuan valuation article).

China Mobile Ltd.: China Mobile Ltd. is one of five companies listed on China’s A-share market with valuations above 2 trillion yuan, alongside ICBC, China Construction Bank, Agricultural Bank of China, and PetroChina. (CATL nears this milestone.)

DeepSeek: DeepSeek, a Chinese AI company, is expected to release its V4 large model in late April. It features ~1 trillion parameters, a mixture-of-experts architecture, and runs on Huawei Ascend processors—marking the first frontier-level Chinese AI model built entirely on domestic chip infrastructure. (Reuters)

Huawei: DeepSeek's V4 model (1T parameters) will run on Huawei Ascend processors, marking China's first frontier-level AI model on domestic chips. MiniMax's open-sourced M2.7 (229B parameters) adapts to Huawei Ascend chips with zero-code changes.

Shengshu Technology: Shengshu Technology, a Chinese AI startup founded in 2023 by Tsinghua alumni, completed a 2 billion yuan funding round led by Alibaba Cloud. Funds will develop a general world model simulating human perception and interaction, advancing AGI in physical environments. It previously released China's first video generation model, Vidu.

Alibaba Cloud: Alibaba Cloud led a 2 billion yuan financing round for Chinese AI startup ShengShu Technology. The funds will develop a general world model simulating human perception and interaction, advancing AGI in physical environments. ShengShu, founded in 2023 by Tsinghua alumni, previously released China's first video generation model, Vidu.

MiniMax: MiniMax, a Chinese large model developer, has open-sourced its M2.7 model with 229 billion parameters. It autonomously builds agent harnesses and iterates via reinforcement learning, scoring 56.22% on SWE-Pro benchmark—nearing top international models. Supports zero-code adaptation on chips from T-Head, Huawei Ascend, Moore Threads, Iluvatar CoreX, and Nvidia.

T-Head: MiniMax's open-sourced M2.7 model (229B parameters) achieves zero-code modification adaptation on AI chips from T-Head, Huawei Ascend, Moore Threads, Iluvatar CoreX, and Nvidia.

Moore Threads: MiniMax's open-sourced M2.7 model (229B parameters) achieves zero-code modification adaptation on AI chips from Moore Threads, alongside T-Head, Huawei Ascend, Iluvatar CoreX, and Nvidia.

Iluvatar: MiniMax's M2.7 model achieves zero-code modification adaptation on Iluvatar CoreX AI chips, alongside T-Head, Huawei Ascend, Moore Threads, and Nvidia.