CATL shares rose after China’s market regulator approved its acquisition of equity in Chongqing Yaoning New Energy Technology Co., according to ETNet.

The State Administration for Market Regulation on September 11 released a list of unconditional approvals for concentration of operators covering August 31 to September 6, which included the deal. Public information shows Chongqing Yaoning New Energy was established in December 2021 with registered capital of RMB100 million. Its predecessor was Chihang New Energy (Chongqing), a core operating entity of the Geely Technology New Energy Power Battery project, formed by Geely Technology Group and Farasis Energy (Ganzhou) Co. The project involved total investment of about RMB8.5 billion and focuses on the research, production and sale of power battery cells, modules and packs.