2 1 Shi Ji Jing Ji Bao Dao·2026-02-09 12:44Core Viewpoint - The announcement by Yongtai Technology regarding the acquisition of a 25% stake in Yongtai High-tech from CATL marks a strategic shift, allowing Yongtai Technology to regain full ownership and CATL to transition from a subsidiary shareholder to a public company shareholder [1][3]. Group 1: Transaction Details - Yongtai Technology plans to issue shares to acquire the 25% stake in Yongtai High-tech held by CATL, along with raising matching funds [1]. - Following the announcement, Yongtai Technology's stock was suspended from trading starting February 9, with a plan to disclose the transaction details within ten trading days [1]. - As of February 6, Yongtai Technology's stock price reached a limit-up of 28.77 yuan per share, giving it a market capitalization of 26.616 billion yuan [1]. Group 2: Strategic Implications for CATL - This "reverse equity investment" allows CATL to strengthen its connection with upstream core material suppliers while utilizing capital tools for risk management [3]. - The transaction is expected to convert CATL's heavy asset investment into high liquidity equity, enhancing its financial flexibility [5]. - With the global battery market entering a fast-charging era by 2026, the performance of electrolytes will be crucial, and Yongtai High-tech's products are key to improving battery conductivity [5]. Group 3: Financial Outlook - Yongtai Technology's electrolyte production capacity includes 150,000 tons per year, with various products already in production, indicating strong operational capabilities [5]. - Although Yongtai Technology is not expected to turn a profit in 2025, it is projected to reduce losses by over 90% compared to 2024, suggesting a positive growth outlook [5]. - The acquisition will allow all profits from Yongtai High-tech's quality assets to be consolidated into Yongtai Technology's financial statements [5]. Group 4: Industry Context and Relationships - CATL's strategy of deepening ties with core suppliers is not unique; it has previously invested in other companies to secure supply chains and enhance its market position [6]. - The historical relationship between Yongtai Technology and CATL has evolved, with Yongtai High-tech previously being a significant profit contributor to Yongtai Technology [8]. - The shift in ownership structure is also a strategic move to mitigate legal risks associated with ongoing litigation involving Yongtai High-tech [10].