The concentration of shares in Contemporary Amperex Technology's (SHE:300750, HKG:3750) Hong Kong stock offering prompted a local activist investor to warn about its low free float.
CATL's Hong Kong shares only account for 3.42% of all the battery giant's shares, which are also listed in Shenzhen, activist investor David Webb said in his website.
About 77.455 million shares, almost half of CATL's Hong Kong stock, are locked up for sale until Nov. 19, leading to a "real free float" of 78.460 million shares, he said.
The top 25 shareholders of CATL's H shares own 69.65% of the shareholding, Webb said in his site.
Hong Kong's Securities and Futures Commission usually tracks concentrated shareholdings and issues warnings, Bloomberg News reported separately Wednesday.
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