Shanghai (Gasgoo)- China's largest battery provider Contemporary Amperex Technology (CATL) made its debut on the ChiNext board in Shenzhen on June 11 with market shares soaring 44%, which is the maximum allowed for newly listed stocks on their first day of trade.
The original market valuation when CATL first listed on the stock market reached around RMB 54.6 billion. Strikingly, at 10:00 a.m. on the first day of trading in Shenzhen, CATL's market valuation leaped to RMB 78.64 billion. If CATL would continue maximum market shares growth for seven consecutive days, the company's total market value may reach around RMB 140 billion.
The raised funds from the IPO will be applied into the project of CATL's Huxi lithium-ion power battery manufacturing base and the R&D project of CATL's power and energy-storing batteries.
Established in 2011, CATL sells batteries for cars, buses, and logistics vehicles. It experienced remarkable sales growth during the past three years. From 2015 to 2017, the company's revenue reached RMB 5.703 billion, RMB 14.879 billion and RMB 19.997 billion with an average compound annual growth of 87.26%. Its net profits totaled RMB 951 million, RMB 2.918 billion and RMB 4.194 billion with an average compound annual growth of 110.05%. As is exposed by CATL's prospectus, the company overtook Panasonic and BYD as the world's largest battery supplier with its sales reaching 11.84GWh in 2017.
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