EV Battery Giant CATL Becomes China’s Second-Biggest Stock
- Market value of Tesla supplier is now higher than ICBC
- Fujian-based firm is expected to be included in CSI 300 Index
Cross-sections of electric vehicle batteries at the Contemporary Amperex Technology Co.m headquarters in Ningde, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China investor favorite Contemporary Amperex Technology Co. hit a fresh record on Monday, overtaking a state-owned bank to become the second-largest company listed onshore.
With a market capitalization of nearly 1.59 trillion yuan ($249 billion) at the close, the Tesla supplier narrowly surpassed Industrial & Commercial Bank of China Ltd. at 1.55 trillion yuan. Chinese liquor maker Kweichow Moutai Co. remains the number-one stock with a market value of 2.33 trillion yuan.