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Chinese Battery Giant CATL Rises After $6.7 Billion Share Sale

  • CATL sells shares at 410 yuan apiece in private placement
  • Firm plans to use proceeds for factory upgrades, R&D
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Contemporary Amperex Technology Co. Ltd., the largest maker of batteries for electric cars, rose in Shenzhen trading after pricing one of the world’s biggest stock offerings this year.

The Chinese company, known as CATL, sold 109.76 million shares at 410 yuan apiece, raising 45 billion yuan ($6.7 billion) in an A-share private placement, it said in a statement Wednesday that confirmed an earlier Bloomberg News report