CATL(SZ:300750) Di Yi Cai Jing·2025-11-17 14:08Core Viewpoint - Huang Shilin, the third-largest shareholder of CATL, is cashing out again, with a planned transfer of shares that will exceed 17.1 billion yuan, indicating a significant liquidity event for the company [1][2] Group 1: Share Transfer Details - CATL announced a share transfer price of 376.12 yuan per share, with a total of 45.6324 million shares to be transferred, fully subscribed by 16 institutional investors [1] - The share transfer is a non-public transfer, and the acquired shares cannot be transferred for six months post-acquisition [1] - The effective subscription amount for the transfer was 146.5 million shares, resulting in a subscription multiple of 3.2 times [1] Group 2: Market Reaction and Valuation - Following the announcement, CATL's stock price fell by 3.3%, closing at 390.78 yuan [1] - Market participants noted that the transfer price was not significantly discounted, indicating that CATL remains a high-quality asset [1] Group 3: Historical Context and Future Considerations - This is not the first time Huang Shilin has reduced his stake; he previously sold shares between January and June 2022, with prices fluctuating between 180 yuan and 330 yuan [2] - Approximately 77.5 million shares from CATL's H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [2] - Industry risks include the potential restoration of the new energy vehicle purchase tax in 2026 and rising lithium carbonate prices, which have surged by 63% compared to six months ago [2]