(Yicai Global) May 13 -- Shares of Yaguang Technology jumped after the Chinese vessel manufacturer clinched a deal with industry leader Contemporary Amperex Technology on affordable yacht batteries.

Yaguang's stock price [SHE:300123] surged by the daily limit of 20 percent to CNY9.88 (USD1.50) today, the highest since March.

CATL will provide its products to the recreational vessel firm at preferential prices, the Changsha-based company said in a statement yesterday, after signing an agreement with the battery giant on May 10.

The partnership is already bearing fruit. On the same day, Yaguang launched its 68-foot electric yacht, equipped with CATL’s 700-kilowatt-hour lithium iron phosphate battery that has up to six hours of battery life, according to Yaguang’s website.

Founded in 2003, Yaguang makes radar components and semiconductor devices besides its yachts. It has plants across China in Chengdu, Yiyang, and Zhuhai.

Ningde-based CATL is the world's largest provider of new energy vehicle batteries. Last year, its installed capacity was 31.9 gigawatt-hours, accounting for half of China’s total, per its earnings report.

Editor: Emmi Laine, Xiao Yi