China's Market Regulator Unconditionally Approves CATL Acquisition of Chongqing Yaoning New Energy Stake

The list of concentrations of undertakings unconditionally approved by the State Administration for Market Regulation for the period from August 31 to September 6, 2026 shows that CATL's (300750. SZ) acquisition of a stake in Chongqing Yaoning New Energy Technology Co. , Ltd. was among the cases approved. The undertakings participating in the concentration are CATL and Zeekr Automobile (Shanghai) Co. , and the case was concluded on September 3, 2026. The case was approved unconditionally, without additional conditions. Against the backdrop of tighter approvals for new lithium battery capacity, the competent authorities are advancing dynamic early-warning for lithium battery capacity, carrying out capacity surveys and order standardization in the cell segment first, suspending construction of planned projects that have not yet broken ground, and maintaining progress on projects already under construction.

Chongqing Yaoning New Energy was formerly Chihang New Energy, established in 2021 under the leadership of Geely Technology Group. The company is currently a wholly owned subsidiary of Jiangsu Yaoning New Energy Co. , whose controlling shareholder is Zhejiang Jiyao Tongxing Energy Technology Co. with an 82.912% stake. Zhejiang Jiyao Tongxing Energy Technology Co. is the industrial operating platform within the Geely Holding system that coordinates battery business, and in early 2025 Geely integrated its battery assets into the platform. The Chongqing Yaoning New Energy plant involves total investment of about RMB 8.5 billion and planned capacity of 30GWh. It is mainly engaged in the research, development, production, and sales of power battery cells, modules, and packs, and had originally planned trial production in December 2026 and formal production in the first quarter of 2027.

As of the first half of 2026, CATL's capacity stood at 525GWh, with 764GWh under construction, most of which will come into production within the next two years. CATL Chairman Zeng Yuqun said publicly in June 2026 that the company's capacity would exceed 1,000GWh in 2026. CATL's cell capacity had previously been formed mainly through self-built and joint venture arrangements.

In terms of acquisition targets, CATL's previous investments were mostly concentrated in upstream mineral segments of the industrial chain.

At the other end of the industrial chain, CATL is building a presence in computing-power and electricity coordination. In April 2026, CATL signed a framework agreement with the controlling shareholder of Zhongheng Electric (002364. SZ), planning to invest RMB 4.1 billion for a stake through a capital increase. In May 2026, a CATL-affiliated fund acquired up to about 38.1% of 21Vianet for approximately USD 942 million (about RMB 6.4 billion), becoming its largest shareholder. The two sides signed a strategic cooperation agreement in August 2026 to develop computing-power and electricity integration business.