Latest data from the Hong Kong Stock Exchange reveals that on November 21, a shareholder of CATL (03750) transferred shares from Goldman Sachs (Asia) Securities to Citibank, with a transfer value of HK$2.905 billion, accounting for 3.86% of the holdings.

Approximately 50% of CATL's H-share IPO lock-up shares were lifted on November 20, releasing around 77.5 million shares for potential sale. JPMorgan noted that strategic investors such as Sinopec are unlikely to sell their stakes. However, given that CATL's current stock price is 107% higher than its IPO price and its H-shares trade at a 23% premium to its A-shares—a rare occurrence for dual-listed stocks—the lifting of the lock-up could exert downward pressure on the share price.

Additionally, CATL shareholder Huang Shilin plans to transfer 45.6324 million shares, representing 1% of the company's total shares as of November 13, 2025, through a block transfer at an inquiry price. On the evening of November 17, preliminary details disclosed an inquiry transfer price of RMB 376.12 per share, implying a total cash-out of RMB 17.163 billion for Huang.

Public records indicate that Huang Shilin, a co-founder of CATL, previously served as vice chairman and deputy general manager. He currently holds a 10.21% stake in CATL, making him the company's third-largest shareholder.