A view of CATL headquarters in Ningde, East China's Fujian Province Photo: VCG

Share price of Chinese electric vehicle (EV) battery giant Contemporary Amperex Technology Co (CATL) hit the milestone of 600 yuan ($93.58) on Tuesday morning, marking a new record that brought the company's market capitalization to over 1.4 trillion yuan. 

Soaring share prices comes as the company continues to expand its business. Besides providing batteries for US electric car maker Tesla, CATL has also signed a battery supply contract with US electric car maker Electric Lat Mile Solution (ELMS) until 2025, according to media reports. 

The company has also recently made investments in a pair of major overseas projects, including an acquisition of a Canadian lithium company and investment in a joint lithium project in the Democratic Republic of Congo.

But in light of its soaring share prices, the company's additional financing of over 100 billion yuan in three years from its IPO has attracted attention from the market and regulators. In August, the company issued a re-financing plan of 58.2 billion yuan, exceeding its annual revenue of 50.3 billion yuan in 2020.

CATL on Monday respond to enquiries from the Shenzhen Stock Exchange, saying that the company doesn't have over-financing problems.

On Tuesday, the share price of CATL was down 1.67 percent as of press time. 

Global Times