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Foreign Ownership of China Battery Giant Nears Inflection Point

  • Overseas funds held 8.5% of CATL, a fourfold gain since 2020
  • High foreign holdings could exacerbate losses during downturn
The Contemporary Amperex Technology Co. (CATL) headquarters building in Ningde, Fujian province in China.

The Contemporary Amperex Technology Co. (CATL) headquarters building in Ningde, Fujian province in China.

Photographer: Qilai Shen/Bloomberg

A peak could be around the corner for Contemporary Amperex Technology Co., if recent history on foreign ownership is any guide.

After months of buying, foreign funds owned 8.5% of the Chinese battery giant as of last week, more than quadrupling in just two years. That’s approaching a record level last reached with Kweichow Moutai Co., raising questions over whether the trade is overcrowded.