Sinopec Cuts CATL Stake in Half After 180% Post-Listing Rally

A unit of Sinopec, China’s biggest oil refiner, has cut its stake by more than half in battery maker Contemporary Amperex Technology Co. after a sharp rally in the stock.

Sinopec Hong Kong Ltd., owned by China Petroleum & Chemical Corp., is the second-largest holder in Hong Kong shares of CATL — as the company is commonly known — with a stake of 14.7 million shares. It raised HK$6 billion ($768.5 million) after selling 8.5 million shares at a 3.8% discount to CATL’s closing price on Tuesday, according to terms of the deal seen by Bloomberg News.