(Yicai Global) Dec. 1 -- FRD Science and Technology’s shares rose by the daily trading limit after the supplier of electromagnetic shielding and thermally conductive materials and devices said it had won a CNY3.6 billion (USD566 million) deal to supply Contemporary Amperex Technology, the world’s biggest maker of electric vehicle batteries.

FRD’s stock price [SHE: 300602] climbed 20 percent today to close at CNY28.54 (USD4.49). The company is listed on the Shenzhen stock exchange’s ChiNext board, which allows daily price swings of as much as 20 percent either way. FRD’s shares have gained 42 percent so far this year.

FRD will supply CATL with various kinds of products for the battery maker’s new development projects from next year to 2026, the Shenzhen-based firm said in a statement late yesterday. To meet CATL’s needs by the delivery date specified in the contract, FRD will buy production equipment to expand its capacity, the company added. No other details were disclosed.

The cooperation will promote FRD’s use of its technological and resource advantages and further its all-around and diversified partnership with CATL, it added.

Editor: Futura Costaglione