第一财经·2025-11-17 15:19Core 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 being transferred, resulting in a cash-out of over 17.1 billion CNY for the third-largest shareholder, Huang Shilin [3][4]. 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 [3]. - The transfer price was determined based on the average stock price over the previous 20 trading days, set at no less than 70% of that average [4]. - The stock price of Ningde Times fell by 3.3% to 390.78 CNY on the day of the announcement [3]. Group 2: Market Context and Risks - Huang Shilin has previously reduced his holdings multiple times through block trades, with stock prices fluctuating between 180 CNY and 330 CNY in the first half of 2022 [4]. - Approximately 77.5 million shares from Ningde Times' H-share IPO cornerstone investors will be unlocked on November 20, 2025, with a market value exceeding 40 billion HKD [4]. - The company faces risks such as the potential restoration of the new energy vehicle purchase tax in 2026 and rising lithium carbonate prices, which surged by 63% compared to six months ago [4].