HK Stock Market Move | Contemporary Amperex Technology (03750) rose more than 4% in early trading, and the cooperation project with Indonesia has officially started, further expanding into the energy storage field.

Contemporary Amperex Technology (03750) rose over 4% in early trading, up 2.33% as of the time of writing, at 351.4 Hong Kong dollars, with a trading volume of 4.5 billion Hong Kong dollars. In terms of news, according to the official WeChat account of Contemporary Amperex Technology, in recent days, a joint venture composed of Contemporary Amperex Technology subsidiary CBL, Indonesian state-owned mining company ANTAM, and Indonesian battery company IBC held a groundbreaking ceremony for a nickel resources and battery industry chain project in Indonesia. The total investment of the project in the future will be nearly $6 billion, with plans to produce batteries to support 20-30 thousand electric vehicles each year, and further expand into the energy storage field. The project covers a total planned area of over 2,000 hectares, including nickel mining and smelting in East Halmahera, North Maluku Province, battery material manufacturing and battery recycling projects, as well as a battery manufacturing project in Karawang, West Java Province. The Karawang battery factory is planned to have a capacity of 6.9GWh in the first phase, and will be built to the standards of Contemporary Amperex Technology's flagship factory, using cutting-edge technologies such as AI, 5G, digital twins to produce high-quality battery products, accelerating the process of electric travel and energy transition in Indonesia and globally.