Jiangsu Lopal Tech (HKG:2465, SHA:603906) agreed to supply materials for lithium iron batteries to Chenergy New Energy's units for four years, according to a Shanghai Stock Exchange filing on Saturday.
The Chinese automotive specialty chemicals manufacturer signed the agreement through two of its subsidiaries.
Lopal Tech's subsidiaries will supply up to 150,000 tons of lithium iron phosphate cathode materials to Chenergy's units until 2029 for an estimated amount of over 5 billion yuan.
Lopal's Hong Kong shares surged over 42% and Shanghai shares jumped 10% in recent trade.
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