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Market Chatter: Sinopec Unit Disposes of Stake in CATL

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A subsidiary of China Petroleum & Chemical (HKG:0386, SHA:600028) or Sinopec offloaded 5.5% of its stake in Contemporary Amperex Technology's (SHE:300750, HKG:3750) or CATL for $770 million, Reuters reported Wednesday, citing a term sheet.

About 8.5 million CATL shares were sold for HK$708 per share, a 3.8% discount from the battery manufacturer's closing price on Tuesday, the report said.

Previously, Sinopec (Hong Kong) owned 9.45% of CATL, according to the media outlet, citing data from the LSEG.

Sinopec and CATL did not immediately respond to Reuter's request for comment, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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