China's Yinbang Rallies After Battery Giant CATL Places a Big Parts Order

2022-04-21 09:25:47 By : Ms. Tracy Lee

(Yicai Global) April 19 -- Yinbang Clad Material's stock surged after the aluminum products maker obtained a long-term order from the world’s largest battery supplier Contemporary Amperex Technology.

Yinbang's equity price [SHE: 300337] soared as much as 8.6 percent to CNY7.79 (USD1.20) intraday. The shares have risen by more than 50 percent in value over the past 12 months.

The aluminum alloy provider will sell at least 361,800 tons of liquid cooling plates, which are used in managing battery temperatures, to CATL till 2026, the Wuxi-based supplier said in a statement yesterday. Prices will be decided later.

Yinbang has recently gained large orders from major clients. Last week, it logged a three-year order of aluminum alloy sheets worth around CNY2 billion (USD314 million) from French auto parts maker Valeo Thermal Systems.

Editor: Emmi Laine, Xiao Yi