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CATL-linked battery materials company Shangtai stages big IPO

Market cap tops $1.7bn at one point, exceeding expectations

China's electric-vehicle is seeing explosive growth. (Photo by Noriyuki Doi)

SHANGHAI -- Chinese battery components maker Shijiazhuang Shangtai Technology held an initial public offering Wednesday on the Shenzhen Stock Exchange, beating expectations as its market capitalization exceeded 12 billion yuan ($1.72 billion) at one point.

The 40.66 yuan opening price was 20% above the initial offering price of 33.88 yuan, showing optimism regarding future growth.

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