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Hedge Fund Short Covering Fuels Demand in $5 Billion CATL Deal

Hedge funds bought the bulk of the shares in Contemporary Amperex Technology Co. Ltd.’s $5 billion placement, with at least some of the demand driven by traders seeking to cover short positions on the battery maker’s Hong Kong-listed shares, according to people with knowledge of the matter.

A CATL Naxtra sodium battery at the Beijing Auto Show on April 25. Photographer: Qilai Shen/Bloomberg
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CATL Inks First Major Deal to Provide Sodium-Ion Battery Storage

Contemporary Amperex Technology Co. Ltd. said it signed a three-year deal to provide sodium-ion batteries to Beijing HyperStrong Technology Co., a domestic manufacturer of power equipment.

A Contemporary Amperex Technology Co Ltd. (CATL) sodium-ion battery model during the company's Tech Day event in Shanghai, China, on Monday, April 21, 2025. CATL, the world’s biggest producer of batteries for electric vehicles, unveiled the latest versions of its cells, playing up the durability and range of its products as the perceived limits of EVs still stop many consumers from making the switch.
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CATL Shares Jump on Critical-Minerals Expansion Plan, Earnings

Shares of Contemporary Amperex Technology Co. Ltd. jumped on Thursday after the world’s biggest maker of electric-vehicle batteries posted first-quarter profit that beat estimates and announced plans to expand in critical minerals.

A CATL battery model displayed during the IAA Mobility 2025 expo in Munich, Germany on Sept. 7.
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