Deals
Three New Billionaires in Two Days as China Battery Giant Soars
- Shares of CATL surge for second day in Shenzhen after IPO
- Rising popularity of electric vehicles boosting battery demand
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The initial public offering of the world’s biggest maker of electric-vehicle batteries produced its third billionaire in two days as the stock continued to soar in Shenzhen.
Contemporary Amperex Technology Co. Ltd. jumped by the maximum 10 percent allowed at 11:25 a.m. local time, following a debut increase of 44 percent Monday. That gave the company a market value of about $13.5 billion, pushing the net worth of shareholder Pei Zhenhua, a clean-technology executive, past the $1 billion mark, according to the Bloomberg Billionaires Index.