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CATL’s Founder Becomes China’s Second-Richest Person as Battery Giant Soars to New High
Dou Shicong
DATE:  Nov 23 2021
/ SOURCE:  Yicai
CATL’s Founder Becomes China’s Second-Richest Person as Battery Giant Soars to New High CATL’s Founder Becomes China’s Second-Richest Person as Battery Giant Soars to New High

(Yicai Global) Nov. 23 -- Robin Zeng, the founding chairman of Contemporary Amperex Technology, became China’s second-richest person after the battery giant’s stock soared to a record high yesterday, according to Forbes magazine’s real-time billionaire list.

With a net worth of USD60.9 billion, up USD3.8 billion, Zeng overtook ByteDance founder Zhang Yiming’s USD59.4 billion as of 12.00 p.m. Beijing time today. Zhong Shanshan, chairman of bottled water company Nongfu Spring, remains the wealthiest with USD75.7 billion.

Zeng, 53, is CATL’s actual controller with a 24.54 percent stake in the Ningde-based company.

Shares of CATL [SHE: 300750] rose over 6 percent to CNY681 (USD106.66) yesterday after China released new energy policies that boosted the stocks of lithium battery producers. CATL’s market value jumped CNY100 billion (USD15.7 billion) to CNY1.6 trillion (USD249 billion).

Today, CATL fell 1.3 percent to CNY672, giving it a market cap of CNY1.49 trillion. The stock has climbed 92 percent so far this year.

CATL has been the world’s largest battery maker by installed capacity for four straight years. Its lithium battery installed capacity totaled 49.1 gigawatt-hours in the first eight months, with a nearly 30 percent market share, according to data from SNE Research.

In the nine months ended Sept. 30, CATL’s net profit soared 131 percent to CNY7.8 billion (USD1.2 billion) from a year earlier on a 133 percent gain in revenue to CNY73.4 billion (USD11.5 billion).

Editor: Futura Costaglione

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Keywords: CATL,Robin Zeng