(Yicai Global) March 30 -- Shares of Yongtai Technology surged by the daily limit after the fluorinated fine chemicals supplier said it will invest CNY400 million (USD62.9 million) to build facilities to produce key intermediates of oral Covid-19 drug and battery materials.

Yongtai's stock price [SHE: 00226] rose 10 percent to CNY38.17 (USD6) at market close. The shares have soared more than four times in value over the past 12 months.

The production lines in Zhejiang province will be able to make 700 tons of five key intermediates of Ensitrelvir per year, the Taizhou-based firm said in a statement yesterday. They will also have an annual capacity of 250 tons of three chemicals for sodium-ion batteries.

Ensitrelvir is not sold anywhere yet. Osaka-based drugmaker Shionogi is looking to get Japan's first approval for an oral Covid-19 medicine via the antiviral. The drug's effectiveness is reported to be even higher than that of its American peers.

Besides Ensitrelvir, the blueprint has another pioneering product. Sodium-ion batteries could replace lithium-ion batteries in certain application scenarios with more relaxed requirements regarding weight and energy density as the former category is more affordable.

Chinese battery giant Contemporary Amperex Technology released its first sodium-ion battery last July. The cell energy density was close to that of popular lithium iron phosphate batteries at up to 160-watt hours per kilogram.

Yongtai revealed more expansion plans. It aims to manufacture two key intermediates of anti-diabetic medication Sitagliptin, used to lower blood sugar in adults with type 2 diabetes. The annual capacity should be 600 tons.

Construction is scheduled to start next month and be ready by April 2023.

Yongtai's two major business segments are medical intermediates and lithium-ion battery materials. Last August, the firm penned agreements with CATL to supply the latter with a variety of electrolyte additives.

Editor: Emmi Laine, Xiao Yi