GreenergyDaily

Apr. 22, 2026

A unit of Sinopec, China's biggest oil refiner, has cut its stake by more than half in battery maker Contemporary Amperex Technology Co. after a sharp rally in the stock.

Sinopec Hong Kong Ltd., owned by China Petroleum & Chemical Corp., is the second-largest holder in Hong Kong shares of CATL with a stake of 14.7 million shares. It raised HK$6 billion ($768.5 million) after selling 8.5 million shares at a 3.8% discount to CATL's closing price on Tuesday, according to terms of the deal seen by Bloomberg.

Sinopec priced the shares at HK$708 each. The seller has a lockup of 90 days on its remaining stake, the terms show. Goldman Sachs Group Inc. was the sole placing agent of Sinopec's block trade.

CATL's shares have surged 180% since the world's largest battery maker added a second listing in Hong Kong in May last year.

Sinopec was a cornerstone investor in CATL's Hong Kong listing last year, buying $500 million worth of shares while promising to hold them for at least six months, according to CATL's listing document.

CATL's shares closed down 5% in Hong Kong Wednesday after the news.