CATL(SZ:300750) Di Yi Cai Jing·2025-11-17 14:11Core Viewpoint - Ningde Times announced a non-public transfer of shares at a price of 376.12 CNY per share, with a total of 45.6324 million shares to be transferred, resulting in a cash-out of over 17.1 billion CNY for the third-largest shareholder, Huang Shilin [2] Group 1: Share Transfer Details - The share transfer was fully subscribed by 16 institutional investors, with a total of 1.465 billion shares effectively subscribed, resulting in a subscription multiple of 3.2 times [2] - The transfer is not conducted through centralized bidding or block trading, and the acquired shares cannot be transferred within six months [2] - The price floor for the transfer was set at no less than 70% of the average trading price over the previous 20 trading days [3] Group 2: Market Reaction and Valuation - On the announcement date, Ningde Times' stock price fell by 3.3%, closing at 390.78 CNY [2] - Market participants indicated that the pricing was not significantly discounted, suggesting that Ningde Times remains a high-quality asset [2] Group 3: Future Considerations - Approximately 77.5 million shares from the H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [4] - The company faces potential risks, including the restoration of the new energy vehicle purchase tax and rising lithium carbonate prices, which could impact cost structures [4] - Lithium carbonate futures reached a limit increase of 9%, with a price of 95,200 CNY per ton, marking a 63% increase from six months ago [4]