Ronbay Jumps After Chinese Watchdog Fines Battery Materials Firm, Executives USD1.3 Million
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Shares of Ronbay New Energy Technology rose 7.2% to CNY32.22 after Chinese regulators fined the company and its executives USD1.3 million for misleading information regarding a contract with Contemporary Amperex Technology. The China Securities Regulatory Commission found that Ronbay's announcement about the contract's value was misleading, leading to fines of CNY4.5 million for the company and additional fines for its chairman and board secretary. The investigation raised concerns about Ronbay's capacity to supply lithium-iron phosphate cathodes, as it only entered this market last year.
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