(Bloomberg) -- (This story originally ran Sept. 8 on the Bloomberg Terminal.)
Svolt Energy Technology Co.’s largest shareholder, Great Wall Holdings, denied it’s planning to divest its stake in the Chinese battery firm.
Great Wall doesn’t have an intention to sell the holding, it said by email. The statement came in response to an earlier Bloomberg News report that it’s exploring options for its Svolt stake, including a potential sale, amid uncertainty over whether the battery firm’s planned Shanghai initial public offering might be delayed.
Svolt is currently going through a second round of consultation for the IPO, its executive vice president, Wang Zhikun, said in a separate emailed statement. Svolt has been receiving plenty of orders in 2023 with various business segments growing at a fast pace, and Svolt will speed up the development of new technologies and products, Wang said.
Bloomberg News reported earlier that potential buyers including Chinese battery giant Contemporary Amperex Technology Co. Ltd. have held talks with Great Wall on a possible deal for Svolt. CATL has conducted preliminary due diligence on Svolt, though there’s no certainty that the companies will proceed with any transaction, according to people with knowledge of the matter.
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