Hunan Yuneng New Energy Battery Material Co.,Ltd. (ASX: 301358) has disclosed that a major shareholder holding over 5% of the company, Contemporary Amperex Technology Co.,Ltd. (ASX: 300750), intends to reduce its shareholding.

The plan involves selling up to 25.3 million shares, which represents approximately 3% of the total issued share capital.

The proposed share sale is scheduled to take place over a three-month period, commencing 15 trading days after the official announcement of the divestment plan.

The shares will be offloaded through both block trades and on-market transactions via the centralized bidding system.