BRIEF: CATL buys back $628 million worth of Shenzhen stock
Leading electric vehicle (EV) battery maker Contemporary Amperex Technology Co. Ltd. (CATL) (3750.HK; 300750.SZ) said on Monday that it repurchased nearly 16 million of its Shenzhen-traded A-shares in open market purchases by the end of last year, representing 0.36% of its total outstanding Shenzhen-listed shares.
CATL said it paid between 231.5 yuan and 317.63 yuan for each share, involving a total outlay of 4.39 billion yuan （$628 million）. It said shares obtained from the buyback would be used for its equity incentive and employee stock ownership plans.
The company’s board approved the plan last April, authorizing the use of 4 billion yuan to 8 billion yuan over a 12-month period to repurchase its Shenzhen-listed shares through centralized bidding.
Shares of CATL opened up 1% at HK$520 on Monday. The Hong Kong-listed stock, which was not part of last year’s buyback, has nearly doubled since its listing last year.
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
