Option chain shows key data for Industrial And Comml Bank's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Industrial And Comml Bank.

Industrial And Comml Bank (OTC:IDCBY) Stock, Option Chain

Industrial And Comml Bank

Industrial and Commercial Bank of China was founded in 1984 and is headquartered in Beijing. The bank listed its shares in mainland China and Hong Kong in 2006. It is China's largest by asset scale and by share of lending and deposits. Central Huijin Investment (China's sovereign wealth fund manager) and China's Ministry of Finance are ICBC's two largest shareholders, each with a stake of around 35%. ICBC operates over 16,000 outlets. Of these, 413 outlets are in 49 countries and regions overseas. Corporate banking, retail banking, and wholesale banking accounted for 47%, 40%, and 13% of total revenue, respectively, and 44%, 36%, and 18% of profit before tax in 2023. Overseas banking and other business contributed 12% of total revenue and 9% of profit before tax in 2023.

UBS sign

News

Global

IDCBY

Eugene Qian, the China head of UBS, highlighted the strategic significance of China&#39;s market and declared the bank&#39;s intent to expand its onshore wealth and asset management platforms further.

UBS Remains Resolute In Expanding Wealth And Asset Management Operations In China Amid Economic Challenges And Global Tensions

Markets

General

CYBR

HACK

IHAK

The recent cyberattack on the New York branch of the Industrial and Commercial Bank of China (OTC: IDCBY), causing disruptions in the U.S.

World&#39;s Largest Bank Industrial and Commercial Bank of China&#39;s Ransomware Attack: US Authorities Flagged Hacker Methods In March

IDCBF

iShares Trust Barclays 20+ Year Treasury Bond Fund

The U.S. financial services division of the Industrial and Commercial Bank of China (ICBC) faced a cyberattack, impacting Treasury trades and prompting an investigation, and ICBC isolated affected systems to contain the disruption.

The Industrial and Commercial Bank of China is the world&#39;s largest lender by assets.

China&#39;s Biggest Lender ICBC Confirms Ransomware Attack, Disrupts Trades In US Treasury market

INDUSTRIAL & COM UNSP/ADR by Industrial and Commercial Bank of China Ltd.

Industrial And Commercial Bank Of China Ltd

In the face of economic difficulties and deal shortages, Swiss multinational investment bank UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>) remains undeterred in its pursuit to enhance its wealth and asset management operations in China.
What Happened: Eugene Qian, the China head of UBS, highlighted the strategic significance of China&#8217;s market and declared the bank&#8217;s intent to expand its onshore wealth and asset management platforms further, <a href="https://www.bloomberg.com/news/articles/2024-01-08/ubs-plans-bigger-china-onshore-wealth-asset-management-business?srnd=premium-asia">Bloomberg</a> reported. 
Qian&#8217;s announcement follows the dismissal of Credit Suisse&#8217;s&nbsp;entire wealth management team in&nbsp;China during the firms&#8217; merger last year, as&nbsp;UBS&nbsp;chose not to integrate the staff. In response to escalating tensions between the United States and China, the world&#8217;s biggest economies, banks from the U.S. and Europe are adjusting their operations in China.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/cannabis/24/01/36508539/kentucky-gov-beshear-wants-to-add-glaucoma-aids-and-13-more-conditions-to-medical-marijuana-prog?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Kentucky Gov Beshear Wants To Add Glaucoma, AIDS And 13 More Conditions To Medical Marijuana Program</a>
UBS has signed a memorandum of understanding with the Industrial And Commercial Bank Of China Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/IDCBY#OTC">IDCBY</a>) in a significant move to serve its global and onshore clients. This is part of a multi-decade initiative to increase the bank&#8217;s presence in China, as outlined by Qian.
Despite the operational challenges in China, Qian stated that UBS has made &#8220;good progress&#8221; in incorporating Credit Suisse&#8217;s operations, positioning the company to take advantage of future opportunities.
Why It Matters: UBS&#8217;s commitment to China comes in the wake of the bank&#8217;s strategic alliance with the Industrial &amp;&nbsp;Commercial Bank of China last year. The two banks entered into&nbsp;a memorandum of understanding to&nbsp;<a href="https://www.benzinga.com/markets/equities/23/09/34899823/ubs-eyes-strategic-alliances-with-chinas-icbc-amid-global-expansion-report">explore strategic partnerships in China</a> and international markets.
The potential collaboration areas include asset management, wealth management, and investment and corporate banking. This alliance is part of UBS&#8217;s long-term strategy to strengthen its presence in China, which is now coming to fruition with its latest expansion efforts.
Read Next:&nbsp;<a href="https://www.benzinga.com/news/24/01/36526177/should-trump-be-on-primary-ballots-majority-of-americans-agree-as-gop-voters-now-feel-less-strongly?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Should Trump Be On Primar</a> Image Via Shutterstock
<div style="font-family: 'Lato', sans-serif">
<hr style="border: 0;height: 5px;background: #225aa9" />
<div style="background-color: #f5f5f5;background-position: center;background-size: cover;justify-content: center"></div>

 Engineered by 
 Benzinga Neuro, Edited by 
 
 <a href="None" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none"> 
 Kaustubh Bagalkote</a> 
 
 
<hr style="border: 0;height: 1px;background: #225aa9" />

 The GPT-4-based Benzinga Neuro content generation system exploits the 
 extensive Benzinga Ecosystem, including native data, APIs, and more to 
 create comprehensive and timely stories for you. 
 <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Learn more.</a>
 
<hr style="border: 0;height: 5px;background: #225aa9" />
 </div>

The recent cyberattack on the New York branch of the&nbsp;Industrial and Commercial Bank of China&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>), causing disruptions in the U.S. Treasury market, appears to have exploited three vulnerabilities flagged by U.S.&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/11/35730744/chinas-biggest-lender-icbc-confirms-ransomware-attack-disrupts-trades-in-us-treasury-market" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">officials earlier this year</a>.&nbsp;
According to an&nbsp;<a class="editor-rtfLink" href="https://www.wsj.com/finance/banking/icbc-hackers-used-methods-previously-flagged-by-u-s-authorities-7e131a82" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">email</a>&nbsp;obtained by The Wall Street Journal, Treasury officials revealed that the attack involved the Lockbit 3.0 ransomware and leveraged two tactics targeting users of Citrix-managed services.
In March, the FBI and the Department of Homeland Security emphasized the risks associated with the Lockbit ransomware, WSJ writes. Furthermore, the Cybersecurity and Infrastructure Security Agency had recently cautioned companies about vulnerabilities in Citrix.
As the world&#39;s largest bank, ICBC plays a significant role in the U.S. Treasury market through its ICBC Financial Services unit, operating within the government securities division of the Fixed Income Clearing Corporation.&nbsp;
This unit handles the clearance of trades in government bonds among members such as Goldman Sachs, JPMorgan Chase, and smaller interdealer brokers. Although relatively smaller in the Treasury market, ICBC Financial Services holds influence in clearing repo trades for hedge funds, noted Wall Street executives.
Following the attack, ICBC Financial Services had to isolate certain systems, disconnecting from the Treasury market and the Bank of New York Mellon platform that&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/11/35769319/chinas-lending-giant-paid-ransom-to-russia-linked-group-after-it-got-hacked-last-week" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">settles its trades</a>.&nbsp;
Subsequently, the unit manually cleared those trades, yet it remains unconnected to the market, according to WSJ.
The Treasury&#39;s Office of Cybersecurity and Critical Infrastructure Protection noted that the two Citrix threats were still under review and would require several days for confirmation.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

World's Largest Bank Industrial and Commercial Bank of China's Ransomware Attack: US Authorities Flagged Hacker Methods In March

The U.S. financial services division of the&nbsp;Industrial and Commercial Bank of China&nbsp;(ICBC) faced a cyberattack, impacting Treasury trades and prompting an investigation, and ICBC isolated affected systems to contain the disruption.
The Industrial and Commercial Bank of China is the world&#39;s largest lender by assets.
ICBC cleared U.S. Treasury trades executed on Wednesday and repo financing trades on Thursday, reassuring stakeholders.&nbsp;
However, conflicting reports suggested disruption in Treasury trades, with the Financial Times&nbsp;<a class="editor-rtfLink" href="https://www.ft.com/content/8dd2446b-c8da-4854-9edc-bf841069ccb8" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">stating</a>&nbsp;that the attack prevented ICBC from settling trades for other market participants.
The cybersecurity firm Truesec identified the ransomware as LockBit 3.0, a challenge for security researchers due to its evasive nature, CNBC&nbsp;<a class="editor-rtfLink" href="https://www.cnbc.com/2023/11/10/icbc-the-worlds-biggest-bank-hit-by-ransomware-cyberattack.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">noted</a>.&nbsp;
LockBit, responsible for 28% of known ransomware attacks, operates as a &quot;ransomware-as-a-service&quot; business model, selling its malicious software to affiliates. The group, led by &quot;LockBitSup,&quot; claims a non-political motivation on its dark web forums.
ICBC said the email and business systems of its U.S. financial services arm operate independently of ICBC&#39;s China operations. The systems of its head office, the ICBC New York branch, and other domestic and overseas affiliated institutions were not affected by the cyberattack, CNBC noted.
&quot;In general, the event had a limited impact on the market,&quot; Reuters noted, citing Scott Skyrm, executive vice president for fixed income and repo at broker-dealer Curvature Securities.
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

China's Biggest Lender ICBC Confirms Ransomware Attack, Disrupts Trades In US Treasury market

Shares of bank stocks lifted Hong Kong markets Thursday as China&rsquo;s sovereign fund went on a bank buying spree.
State-owned fund Central Huijin Investment Ltd. snapped up $65.7 million in Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachy#OTC">BACHY</a>), China Construction Bank Corp (OTC: <a class="ticker" href="https://www.benzinga.com/stock/cichy#OTC">CICHY</a>), Agricultural Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/acgbf#OTC">ACGBF</a>) and Industrial &amp; Commercial Bank of China Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>). The fund said that it would continue with the purchases over the next 6 months, although declined to specify to what extent.
Huijin raised its stake in each bank by ten basis points. The investment fund now owns 64.03% of Bank of China, 40.04% of Agricultural Bank of China, 57.12% of China Construction Bank and 34.72% of ICBC, according to Caixin. All the four banks were up between 4-5% in Hong Kong trading.
<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35199032/these-6-chinese-stocks-are-paying-a-dividend-of-over-10-right-now" style="color:#0563c1">With Chinese dividend yields currently near historic highs</a>, share purchases of stocks by DChinese state funds are expected to be highly profitable over the medium term, according to the region&rsquo;s investment managers. &nbsp;
More measures are being taken by Beijing to lift flagging confidence in the Chinese mainland. The Chinese government is now expected to raise the deficit as it puts in 1 trillion RMB ($137 billion) to shore up the local economy, although some analysts say this won&rsquo;t be enough.
Property developer stocks were sharply down on more gloomy data from the home market in Hong Kong. (<a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst" style="color:#0563c1">See this recent article on the Hong Kong housing bubble</a> at Benzinga for more.)
Hong Kong negative equity mortgages <a href="http://www.aastocks.com/en/stocks/news/aafn-news/NOW.1299308/3" style="color:#0563c1">may</a> be about to hit a 19-year high after succumbing to a 10% drop in home prices this year, according to new data. With expectations for another 10% fall in home prices on the island, that means that over 5% of all homes will enter negative equity territory. Negative equity mortgages are where the total sum of the mortgage held exceeds the value of the property.
Country Garden Holdings Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryf#OTC">CTRYF</a>) was down 1.3% while Sunac China Holdings Limited (OTC: SNCNQ) fell 0.95%. China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/evgrf#OTC">EVGRF</a>) plunged 9% by the end of the day&rsquo;s trading.
EV names fared better on sentiment that bailouts would add to increased purchases for automobiles and recovering deliveries. NIO Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) was up 1.1%, XPeng Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) gained 0.4%, Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) rose 1.6% and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) jumped 3.1%
A <a href="https://asia.nikkei.com/Business/Markets/China-s-appetite-for-U.S.-IPOs-shows-little-sign-of-roaring-back?utm_campaign=GL_asia_daily&amp;utm_medium=email&amp;utm_source=NA_newsletter&amp;utm_content=article_link" style="color:#0563c1">report</a> by Nikkei said that Chinese companies are gradually coming back to list on US exchanges, although at a much slower pace that in 2021. Year-to-date, 17 Chinese companies have debuted on US exchanges, raising $405 million vs. 14 Chinese firms for the whole of 2022 which raised $468 million. That&rsquo;s still far off the $12.6 billion raised by 34 Chinese companies in 2021.
The report said that the Chinese companies that went public in the US between 2018 and 2021 have so far showed investors a -65% return from offer vs. just -16% for returns on non-Chinese IPOs in the US. Of the Chinese IPOs that have gone public this year, only one, Hesai Group (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hsi#NASDAQ">HSI</a>) has raised more than $50 million and that is currently trading at half the value it was in its February debut.
The report added that tighter accounting regulations for companies wanting to list stateside, by both Chinese and American authorities, as well as political tensions between the two countries were hampering a strong return to US markets for new China listings. &nbsp;
The report cited Alibaba Group Holding Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/baba#NYSE">BABA</a>) as an example of the sort of stock that has fallen out of favor among investors in recent years due to these extenuating circumstances.
Alibaba rose in value in Hong Kong along with other big consumer names JD.com, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jd#NASDAQ">JD</a>) and Tencent Holdings Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/tcehy#OTC">TCEHY</a>) on the market&rsquo;s broader bullish bailout sentiment.
The Hang Seng Index rose 1.9% to 18,283.21 while the CSI 300 finished the day 1% higher at 3,702.38.

Asia

Penny Stocks

Real Estate

ACGBF

BABA

BACHY

BYDDY

CICHY

CTRYF

EVGRF

TCEHY

XPEV

Hong Kong Stocks Rally As Sovereign Bank Buy-Up Overshadows Climb In Negative Mortgages

UBS Group AG&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ubs#NYSE">UBS</a>) has reportedly inked a memorandum of understanding with&nbsp;Industrial And Commercial Bank Of China Ltd.(OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcbf#OTC">IDCBF</a>) to look for&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/asia/23/09/34740054/s-p-500-companies-sidestep-china-invest-in-politically-aligned-nations" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">strategic alliances in China and overseas markets.</a>
The banks are considering collaboration in areas such as asset management, wealth management, and investment and corporate banking, Reuters reported.
The agreement encompasses product creation and distribution, client engagement, global market transactions, research, investment strategies, financing, asset safeguarding, and knowledge sharing, the report added.
In a strategic move last June, UBS acquired its competitor Credit Suisse. This acquisition paved the way for UBS to secure a 20% interest in ICBC Credit Suisse Asset Management Company, a collaborative fund initiative once co-owned by Credit Suisse.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32811245/ubs-closes-credit-suisse-takeover-projects-cet1-ratio-of-14-in-2023" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">UBS Closes Credit Suisse Takeover, Projects CET1 Ratio of 14% in 2023</a>
UBS Group CEO Sergio Ermotti said that China is an essential market for UBS, which has been present in the nation for more than 30 years, according to a&nbsp;<a class="editor-rtfLink" href="http://www.aastocks.com/en/stocks/news/aafn-con/now.1296273/latest-news" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">note&nbsp;</a>by AASTOCKS. This partnership will help further ramp up UBS&#39;s China strategy.
Other noteworthy banks like&nbsp;JP Morgan Chase &amp; Co.&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) are also trying to fortify their footprints in China.&nbsp;
JPMorgan clinched total dominance over its China mutual fund collaboration, echoing competitor&nbsp;Manulife Financial Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mfc#NYSE">MFC</a>) by sidelining local allies to grasp full command in the multi-trillion-dollar lucrative market, as&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2023-01-19/jpmorgan-wins-full-control-of-china-fund-venture-after-long-wait?in_source=embedded-checkout-banner&amp;sref=TBDibEcD#xj4y7vzkg" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">noted&nbsp;</a>by Bloomberg earlier this year.
Also See:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34786012/ubs-slashes-70-of-credit-suisses-hk-research-staff-post-integration-report" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">UBS Slashes 70% Of Credit Suisse&#39;s HK Research Staff Post-Integration: Report</a>
Price Action:&nbsp;UBS shares are trading lower by 0.98% to $25.12 on the last check Tuesday.

Equities

Media

UBS Eyes Strategic Alliances With China's ICBC Amid Global Expansion: Report

On Thursday, shares of Ind &amp; Com Bk China (OTC: <a class="ticker" href="https://www.benzinga.com/stock/idcby#OTC">IDCBY</a>) experienced volatile short activity. After the activity, the stock price went up +1.23% to $9.88.
The overall sentiment for IDCBY has been Bearish.
The signal from the volatility alert is trending Bearish. Therefore, the recommendation is to Increase Short Exposure.
The volatility alert was produced on the prior trading date, 12/8/2022 with a volatility change of +437.44%. The current volatility indicator stands at 26.415.
Overview: The securities lending volatility indicator is produced by Tidal Markets, in partnership with Benzinga Insights. Securities lending primarily serves the purpose of providing liquidity to short sellers. When unusual activity occurs in the securities lending markets, it acts as an upstream indicator to what is likely to occur downstream in the regular stock market.
Understanding the Volatility Alert: Overall sentiment is considered &quot;bear&quot; when broad market activity of the stock has been shown to indicate a negative directional basis, or is considered &quot;bull&quot; when indicating a positive directional basis. The securities lending volatility indicator provides a signal when it detects unusual short activity. Unusual short activity is based off a computer generated algorithmic formula utilizing securities lending trade details such as the volume of shares being shorted, the rate being paid to short the shares, and the type of collateral being posted - amongst other variables. The current volatility is the respective trading day&#39;s calculated securities lending volatility value. The volatility percentage change is the percentage difference in volatility between the two most recent days. The recommendation is a suggestive strategy, inferred from the strength of the Signal Trending, Current Volatility, and Volatility % Change. Recommendations may include, &quot;Strong Buy&quot;, &quot;Strong Sell&quot;, &quot;Increase Short Exposure&quot;, &quot;Decrease Short Exposure&quot;, or &quot;Market Neutral&quot;.
ANY INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR IMPLY INVESTMENT ADVICE

Short Ideas

Trading Ideas

Short Volatility Alert: Ind & Com Bk China

Industrial and Commercial Bank of China Limited&nbsp;(OTC:&nbsp;<a href="https://www.benzinga.com/stock/idcby#OTC" target="_blank">IDCBY</a>), the world&rsquo;s biggest bank by assets, reported a 4.9% rise in its net income at 171.506 billion yuan ($24.8 billion) for the six months ended June compared to the same period last year.
The bank witnessed its net interest income, which is the difference between interest earned and interest expended, grow by 4.5% to 351.425 billion yuan. Non-interest income rose 2.5% in the same period to 92.363 billion yuan.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/22/08/28687363/why-alibaba-and-other-chinese-stocks-are-sliding-today" target="_blank">Why Alibaba And Other Chinese Stocks Are Sliding Today</a>
Asset Quality: ICBC&rsquo;s asset quality improved marginally as its non-performing loans ratio stood at 1.41% in the first half of 2022 compared to 1.42% in the same period last year. The lender&rsquo;s annualized net interest margin stood at 2.03%.
According to the lender, its domestic loans increased by 1.61 trillion yuan in the first half of the year, witnessing a record-high growth. The bank&rsquo;s total assets stood at 38 trillion yuan.
Outlook: In its outlook, ICBC said the Chinese economy demonstrates strong resilience and great potential, with its long-term good prospects remaining unchanged.&nbsp;
&ldquo;Its economic growth is expected to maintain within an appropriate range and its enormous growth potential will be unleashed. That will provide favorable conditions for the banking industry to continue to improve its strength and drive high-quality development,&rdquo; the lender said.

Earnings

China's ICBC, World's Biggest Bank By Assets, Sees H1 Net Income Jump To Nearly $25B: Here's Its Outlook

Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) <a href="https://www.benzinga.com/news/21/07/22221345/tesla-battery-supplier-catl-unveils-first-gen-sodium-ion-batteries-what-you-should-know">battery supplier </a> Contemporary Amperex Technology Co., Ltd, popularly known as CATL, has quietly risen through the ranks, thanks to the burgeoning demand for EV batteries to power green energy vehicles.
CATL Climbs to Second Spot: Shares of CATL, which are listed on the Shenzhen Stock Exchange, rallied to a record high Monday amid expectations the battery manufacturer will be included in the CSI 300 Index, which tracks China-listed stocks.
The index, which is jointly owned by the Shanghai and Shenzhen exchanges, is expected to announce the rebalancing on Dec. 13.
With the rally, CATL&#39;s market capitalization has overtaken the valuation of state lender Industrial and Commercial Bank of China Ltd&nbsp;(PNK: IDCBY) by a narrow margin.
CATL ended Monday&#39;s session with a market capitalization of 1.586 trillion yuan ($248.50 billion) compared to the Industrial &amp; Commercial Bank of China&#39;s $1.55 trillion yuan.
CATL now only lags behind only Chinese liquor maker Kweichow Moutai Co., Ltd, which boasts of a market cap of $2.329 trillion yuan.
Related Link: <a href="https://www.benzinga.com/news/21/08/22481933/tesla-nio-supplier-catl-seeks-to-raise-9b-in-bid-to-expand-lithium-ion-battery-production">Tesla, Nio Supplier CATL Seeks To Raise $9B In Bid To Expand Lithium-Ion Battery Production </a>
Why It&#39;s Important: CATL is the market leader in EV batteries, and had a robust 34% share of the market for the January to August period, according to SNE Research. South Korea&#39;s LG Electronics stood second with a share of 21.5%.
CATL is the chief EV battery supplier for&nbsp;<a href="http://www.benzinga.com/news/21/06/21465446/apple-in-talks-with-tesla-supplier-catl-for-battery-supply-deal-report">major players in the auto industry</a>, including Tesla, Nio&nbsp;Inc - ADR&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>) and Daimler AG (PNK: DDAIF).
The stock is poised for further gains in the run-up to the potential index inclusion.
The inclusion could lead to global fund managers buying about 12.9. billion yuan of CATL stock and passively managed funds that track the CSI 300 allocating 5.16 billion yuan, the South China Morning Post reported, citing Chinese brokerage Shenwan Hongyuan Group.
Related Link: <a href="https://www.benzinga.com/news/21/11/24203426/ev-week-in-review-musk-tapers-stake-sale-apple-car-chatter-resurfaces-xpeng-unveils-new-suv-rivian-l"> EV Week In Review: Musk Tapers Stake Sale, Apple Car Chatter Resurfaces, XPeng Unveils New SUV, Rivian, Lucid Caught Up In Irrational Exuberance And More</a>
Photo: CATL

Comments

Industrial And Comml Bank

Industrial And Comml Bank (IDCBY) Options

No option chain data available. Please try again later

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga