(Yicai Global) Aug. 16 -- Shares in Fujian Yongfu Power Engineering plummeted by the exchange-imposed limit today after the Chinese energy storage solutions provider said battery giant Contemporary Amperex Technology plans to sell up to 3 percent equity.

Yongfu Power’s share price [SHE:300712] crashed 20 percent to CNY77.52 (USD11.97). The stock has more than tripled in the past six weeks and just last week it hit a historic high of CNY126 apiece.

CATL will sell 3 percent out of the 8 percent stake it holds in Yongfu Power between Sept. 6 and Dec. 4, Yongfu Power said yesterday. The Ningde, southeastern Fujian province-based company paid CNY14.52 (USD2.24) for the equity back in December last year and is set to make a handsome profit from the sale.

CATL and Yongfu Power are also business partners. They recently won the bidding for a CNY20.62 million (USD3.2 million) energy storage project commissioned by State Grid Times (Fujian) Energy Storage Development in northeastern Shandong province, Fuzhou-based Yongfu Power said yesterday. State Grid Times is a joint venture between CATL and the State Grid Corporation of China with each holding 40 percent equity.

Editor: Kim Taylor