Hyperdrive
Musk Challengers Turn Into Billionaires as China Battery Giant Soars
- CATL shares surge by daily limit in trading debut in Shenzhen
- Electric-car battery maker supplies VW, Nissan, BMW models
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The Chinese founder of the world’s biggest maker of electric-vehicle batteries and his top lieutenant became billionaires Monday after their company’s shares soared during the first day of trading in Shenzhen.
Contemporary Amperex Technology Co. Ltd. jumped by the maximum 44 percent allowed by the exchange, valuing the company at about $12.3 billion. That cemented the position of Zeng Yuqun, CATL’s founder and top shareholder, on China’s rich list with an estimated net worth of about $3.4 billion, according to the Bloomberg Billionaires Index.