A unit of Sinopec sold 8.5 million Hong Kong-listed shares of CATL for about $770 million, a term sheet showed on Wednesday, cashing in on the Chinese electric-vehicle battery maker’s sizzling stock market performance.
Sinopec (Hong Kong) sold the shares in an accelerated bookbuild at HK$708 ($90.41) apiece, a discount of about 3.8% to Contemporary Amperex Technology Co Ltd’s (CATL) Tuesday closing price, the term sheet reviewed by Reuters showed.
The Sinopec unit also agreed to a 90-day lock-up on its remaining stake in CATL, the term sheet showed. Goldman Sachs was the sole placing agent, according to the term sheet.
Sinopec and CATL did not immediately respond to requests for comment.
The 8.5 million shares sold represent about 5.5% of CATL‘s Hong Kong shares in issue. Sinopec (Hong Kong) held about a 9.45% stake in CATL‘s Hong Kong share capital, LSEG data showed.
The selldown comes after CATL‘s Hong Kong-listed shares nearly tripled from their HK$263 listing price in May 2025 to HK$736 on Tuesday. It has jumped 46.9% year-to-date, giving it a market capitalisation of $304 billion, LSEG data showed.
CATL is one of the world’s largest electric-vehicle battery makers and supplies automakers including Tesla, BMW, Volkswagen, Xiaomi and Nio.
The company raised about $4.6 billion in its Hong Kong listing, the world’s largest listing that year, and said most of the proceeds would be used to fund a battery plant in Hungary as part of its overseas expansion.
In March, CATL reported fourth-quarter and full-year 2025 net profit that beat market estimates.
Earlier this month, Reuters reported that CATL was exploring a Hong Kong equity fundraising that could raise about $5 billion, citing sources, with the timing, size and structure of any deal still under review.
Reuters
