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Chinese Battery Giant CATL Dips as Co-Founder, Vice Chair Quits
Xiao Yisi
DATE:  Aug 02 2022
/ SOURCE:  Yicai
Chinese Battery Giant CATL Dips as Co-Founder, Vice Chair Quits Chinese Battery Giant CATL Dips as Co-Founder, Vice Chair Quits

(Yicai Global) Aug. 2 -- Shares in Contemporary Amperex Technology slid as much as 2.8 percent today after the Chinese electric car battery titan said yesterday that its co-founder, deputy chairman and second-biggest shareholder has abruptly departed to pursue other interests in the renewable energy storage field.

CATL’s share price [SHE:300750] closed down 2.1 percent at CNY523.87 (USD77.38), giving it a market capitalization of CNY1.3 trillion (USD192.4 billion). Earlier in the day it tumbled to CNY519.45.

Huang Shilin, who is a founding member of CATL and has been vice chairman for many years, resigned from all his corporate positions, which also include director of the board and deputy general manager, effective yesterday, the company said.

He will be replaced as vice chair by former general manager Zhou Jia, who is just 44 years old, and Chairman Zeng Yuqun will serve as general manager, the Ningde, southeastern Fujian province-based firm said.

55-year-old Huang, who holds a 10.7 percent stake in CATL, second only to Zeng, is not allowed to sell any of his equity until six months after his departure, CATL added, citing company regulations.

Huang will focus on the newly-emerging sector of solar energy-storage charging stations and he may join forces with CATL in the future, CATL told Yicai Global. He remains chair of Shidai Xinyun Technology, a joint venture between CATL and battery testing service provider Fujian Nebula Electronics. The Fujian province-based JV operates smart charging stations.

Editors: Dou Shicong, Kim Taylor

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Keywords:   CATL,deputy chairman,Huang Shilin