CATL Shares Surge on $4.4 Billion Unit Plan, Earnings Beat [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
hkexgroup.com/investor-relations?sc_lang=en
Company Research
Source: Yahoo! Finance Canada
announced plans to expand its footprint in critical minerals and strengthen supply-chain security as its first-quarter net income beat estimates. The stock rose as much as 10.2% in early Hong Kong trading, while its Shenzhen-listed shares jumped as much as 4.8%. CATL said its board has approved the creation of a new wholly-owned subsidiary with a registered capital of 30 billion yuan ($4.4 billion), according to a statement on Wednesday. The business scope includes mineral resources exploration, metals processing and sales of chemical products. The unit will act as CATL's investment and operations platform for the new-energy mining sector, the company said in the statement. It will consolidate existing mining-related assets and “actively” expand into domestic and international resource projects based on its battery demand. Battery manufacturers have been grappling with higher costs and supply uncertainty for raw materials such as lithium, whose price has surged more than 140%
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