China's CATL rises most in 4-1/2 months as chairman plans to buy shares

Zeng Hsing Industrial Co

27/10/2023 04:46

** Shares of Chinese EV battery giant Contemporary Amperex
Technology Co Ltd (CATL)  300750.SZ  rise 4.4% to 185.88 yuan,
their biggest one-day percentage rise since June 15 
    ** Stock hits its highest since Oct 20 and set for a second
session of gains, if trend holds
    ** Fujian-based CATL said on Thursday it has received a
proposal from Chairman Robin Zeng to buy back shares worth 2
billion-3 billion yuan ($273-$410 million) within 12 months 
    ** The repurchased shares would be used for a stock
incentive plan or an employee stock ownership plan - CATL
    ** We see a good buying opportunity here. The proposal for
share buybacks from the chairman and the recent move by GM to
switch to lower cost LFP batteries could serve as catalysts for
CATL shares - Citi 
    ** Blue-chip CSI 300 Index  .CSI300  climbs 0.6%, Shanghai
Composite Index  .SSEC  gains 0.4%
    ** CATL stock down 16.8% YTD
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))