CATL Shares Jump on Critical-Minerals Expansion Plan, Earnings

Shares of Contemporary Amperex Technology Co. Ltd. jumped on Thursday after the world’s biggest maker of electric-vehicle batteries posted first-quarter profit that beat estimates and announced plans to expand in critical minerals.

CATL said its board has approved the creation of a new wholly-owned subsidiary with registered capital of 30 billion yuan ($4.4 billion), according to a statement on Wednesday. The business includes mineral resources exploration, metals processing and sales of chemical products. CATL shares rose as much as 10.3% in early Hong Kong trading and as much as 6.7% in Shenzhen.