-- 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.
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