David Webb Warns About CATL’s Low Free Float in Hong Kong

Contemporary Amperex Technology Co. Ltd.’s recent Hong Kong stock offering, the world’s largest listing this year, prompted a local activist investor to warn about the concentration of its shareholdings.

Hong Kong only accounts for only 3.4% of all of the Chinese battery giant’s shares as they’re also listed in Shenzhen. Almost half of the ones in Hong Kong, or 77.46 million shares, are locked up from being sold until Nov. 19, leaving only a proportionally small number available as “real free float,” David Webb said in his website.