(Yicai) Nov. 17 -- Shares of Contemporary Amperex Technology fell after the world’s biggest producer of electric vehicle batteries and energy storage systems said a co-founder and its third-largest shareholder plans to offload a 10th of his stake in the company.

CATL [SHE: 300750] closed 3.3 percent lower at CNY390.78 (USD54.98) a share in Shenzhen today. The stock has surged 91 percent from this year's low of CNY203.57 on April 11. In Hong Kong, the firm's shares [HKG: 3750] fell 3 percent to HKD526 (USD67.67).

Huang Shilin intends to transfer over 45.63 million Shenzhen-listed shares of CATL to qualified institutional investors and private equity investors through a price inquiry process on the exchange, the Ningde-based firm announced late on Nov. 14. Huang's stake will shrink to 9.2 percent from 10.2 percent as a result of the divestment.

Based on CATL's closing price of CNY404.12 on Nov. 14, the market value of the stake Huang plans to sell is about CNY18.4 billion (USD2.6 billion).

A key co-founder, he resigned from all his positions at CATL in August 2022, including as vice chairman and deputy general manager. Huang is a shareholder in more than 10 companies and controls Contemporary Nebula Technology Energy, a supplier of energy storage equipment and solutions, according to corporate information platform Tianyancha.

CNTE integrates the research, development, production, sales, and services of lithium battery energy storage equipment, providing energy storage products and solutions for power generation, grids, and end users.

Editor: Futura Costaglione