CATL shares in Shanghai and Hong Kong fell over 5% intraday. A-shares breached
the 300 yuan level, hitting a one-year low of 299 yuan and were net sold by more
than 1.9 bln yuan; H-shares slid to as low as HK$486.4. Sunwoda jumped over 14%
in early trade. Market concern centers on automakers reducing reliance on CATL
after Li Auto increased investment in Sunwoda Power and said its in-house
batteries will be fitted across its range, and Xiaomi has adopted CALB and
Sunwoda batteries for some new models instead of CATL.
