(Bloomberg) -- Foreign holdings in Contemporary Amperex Technology Co. rose to a record high on Tuesday with global funds shrugging off Washington’s plan to boost tariffs on Chinese electric vehicle batteries.

Overseas investors’ holdings of the stock climbed to 10.8%, data compiled by Bloomberg show. That’s the highest since the shares were included in the Stock Connect program in early 2019, which allows Hong Kong traders to buy stock in China, and vice versa.

The excitement over the index heavyweight has been running high in recent months, with foreign ownership of the stock recording its biggest one-day increase in over a year on March 11. The latest bout of optimism comes after JPMorgan Chase & Co. said the US’ move to increase tariffs on a wide range of Chinese imports is likely to have minimal impact on CATL’s earnings.

--With assistance from Jason Siu.

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