Huang Shilin, co-founder of CATL, sold a 1% stake worth 1.7 billion yuan in the Chinese electric vehicle battery giant, benefiting from a rally in the company’s shares. CATL’s mainland-traded shares rose 46% this year due to improved technology and overseas expansion, with Huang holding over 9% of the company post-sale. The billionaire raised US$5.22 billion in May through the world’s largest IPO this year. Huang, previously the 23rd wealthiest Chinese individual, relinquished his role at CATL, which delivered 297.2 GWh of EV batteries in the first nine months of the year, capturing a 36.6% share of the global market.

Read more at Yahoo Finance: Co-founder of Chinese EV battery giant pockets US$239 million windfall from 1% stake sale