CATL's recent large-scale share reduction has really grabbed the market's attention all at once.

On April 24, news broke that CATL announced that its shareholder, Ningbo United Innovation New Energy Investment Management Partnership, which owns over 5%, has transferred 58 million shares through an inquiry-based transfer, accounting for 1.27% of the total share capital, with a transaction price of 410.34 yuan per share, totaling approximately 23.7997 billion yuan in cash.
This figure is indeed eye-catching, almost at a level that would make an ordinary person stare blankly for half a day.
After this transfer, Ningbo United Innovation's shareholding ratio dropped from 6.23% to 4.96%, and it is no longer considered a major shareholder.
The company also emphasized that the change in shareholders will not affect the controlling rights or the actual controller, nor will it significantly impact operations and governance structure.
The shares were purchased by 30 institutional investors, including UBS AG, J.P. Morgan Securities plc, Guotai Haitong Financial Holdings, and CITIC Securities Asset Management Hong Kong Limited—familiar names.
According to regulations, these shares cannot be transferred within six months of acquisition.
Speaking of Ningbo United Innovation, the people behind it are not simple.
Its ultimate beneficiary is Pei Zhenhua, who is actually a well-known "old acquaintance" in CATL's early equity holdings.
In 2015, Pei Zhenhua acquired a 15% stake in CATL through Ningbo United Innovation for 89 million yuan.
Later, with multiple rounds of share transfers, the book value changed dramatically.
Based on data before this reduction, he held 284 million shares, with a market value exceeding 126 billion yuan, excluding dividends.