Betting on rising global demand for energy storage, shares of Chinese lithium battery makers continued to rally on Wednesday, led by Contemporary Amperex Technology Ltd (CATL), which reported stronger-than-expected growth driven in part by its expansion into new energy storage markets.
CATL shares surged more than 10 per cent to HK$608 during morning trading hours in Hong Kong on Wednesday – the highest level in five months – before closing 9 per cent higher at HK$599.50. That followed another 9 per cent increase on Tuesday.
Earlier this week, the battery giant reported a 42 per cent growth in net profit to 72.2 billion yuan (US$10.5 billion), with its smaller energy storage segment delivering higher margins than its dominant electric…
