CATL Drops After Unveiling Third-Largest Shareholder Plans to Slash Its Holdings
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Shares of Contemporary Amperex Technology (CATL) fell after co-founder and third-largest shareholder, Huang Shilin, announced plans to reduce his stake from 10.2% to 9.2% by transferring over 45.63 million shares to institutional and private equity investors. The announcement led to a 3.3% drop in CATL's stock price in Shenzhen and Hong Kong. The market value of the stake Huang plans to sell is approximately CNY18.4 billion (USD2.6 billion). Huang resigned from all positions at CATL in August 2022.
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