(Yicai Global) Dec. 24 -- The upward momentum of Chinese carbon material seller KBC's shares petered out in the afternoon after rising to an all-time high this morning driven by a CNY1.6 billion (USD245 million) sales contract it penned with Chinese photovoltaic giant Longi Green Energy Technology.

KBC shares [SHA:688598] were up 6.63 percent at CNY177 (USD27) in midafternoon after touching CNY192.18 in early trading, a new record since its listing.

The company will supply all kinds of ancillary products required for silicon rod processing to Longi in the next three years, KBC, a carbon-based material developer based in Yiyang in China's south central Hunan province, said in a statement yesterday, citing the long-term cooperation framework agreement it signed with Longi on Dec. 22.

The agreement will generate sales of about CNY1.6 billion for KBC, based on purchasing demand forecast for Longi and its affiliates, per the statement. KBC expects to be able to fulfil all Longi's procurement orders as the smooth progress of a capacity expansion project funded by proceeds from its initial public offering is set to greatly increase the firm's output of carbon-based composite products, the statement added.

Xi'an-based Longi is the world's biggest monocrystalline silicon substrate supplier, producing about half of the world’s total of the single-crystal silicon wafers.

Editor: Ben Armour, Xiao Yi