CATL to Cancel Repurchased A-Shares as JPMorgan Trims Targets on Battery-Tax Squeeze
Published on 11/08/2026 at 17:21 | Editorial boerse-global.de
CATL plans to cancel the A-shares it has bought back under an existing repurchase programme, the battery giant disclosed, with the shares acquired through a plan authorised at between RMB20 billion and RMB40 billion. The cancellation has been flagged but not yet reported as completed.
The buyback news lands alongside a round of target-price cuts from JPMorgan, which on Friday trimmed its earnings forecasts for Chinese battery manufacturers. The US bank pointed to battery-tax costs proving harder to pass on to customers than anticipated, and also assumed lower per-unit profits across the sector.
Dual-listed targets move in opposite directions
For CATL's A-shares, JPMorgan lowered its price target to RMB300 from RMB310 while keeping an "Overweight" rating. The H-share target came down to HKD420 from HKD440, with the rating held at "Neutral."
CATL stock fell 3.7% on Friday. Media reports linked the pressure to the JPMorgan sector note, though no direct causal link between the day's decline and the analysis has been established.
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Europe and Australia storage agreements stack up
On the operational front, CATL has rolled out a series of energy-storage agreements. A letter of intent signed on 27 October with INTILION covers the deployment of 3 GWh of CATL storage systems over five years, targeting Germany, Switzerland, Austria and other markets. Applications span utility-scale storage through to commercial and industrial installations, drawing on both sodium-ion and lithium-ion technologies.
A day earlier, CATL subsidiary Ampace signed a letter of intent with Octopus Energy covering home storage, intelligent energy management and clean-energy services, including the possible use of sodium-ion batteries. Under the arrangement, Ampace is to handle development and manufacturing of the cells, battery management system and complete system, while Octopus Energy contributes sales channels and energy services. The partners will explore potential smart home-storage solutions for European households, with the UK, France and Spain as priority markets.
CATL also used the All Energy Australia 2026 exhibition on 29 October to unveil its TENER+ storage system, signing partnership letters of intent with Hitachi Energy, EPEC Group and UNSW Sydney.
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Aviation battery and a 1,000 GWh ambition
Elsewhere, CATL agreed a strategic and product-related collaboration with Blue Vector on Monday. The company is to develop an aviation battery for Blue Vector's SKYLA V30 aircraft and has been named exclusive battery partner.
Looking further out, chairman and chief executive Robin Zeng said on 31 October that CATL expects shipments of more than 1,000 GWh in 2026.
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