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CATL plunges more than 8% as the Chinese battery maker unveils $5 billion share placement
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- Shares of China's Contemporary Amperex Technology declined 8.5% Tuesday after the EV battery giant unveiled plans for a roughly $5 billion equity offering in Hong Kong.
- CATL shares were last trading at HK$618, compared with tthe placement price of HK$628.20.
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Shares of China's Contemporary Amperex Technology declined 8.5% Tuesday after the EV battery giant unveiled plans for a roughly $5 billion equity offering in Hong Kong.
CATL, which makes lithium-ion batteries for electric vehicles, is seeking to raise $39.2 billion Hong Kong dollars (about $5 billion) through a private placement, as it accelerates investment in its renewable energy business against the backdrop of a global oil crunch.
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