CATL says it has reported to police in response to 'series of malicious rumors'

Update: Added Tesla's comments.

A series of malicious rumors about CATL being sanctioned by the US, being removed from the ChiNext index, and failed negotiations with Tesla have sparked market misunderstandings, it said.

A lot of rumors about Contemporary Amperex Technology Co Ltd (CATL) have surfaced recently, and while we have hardly seen any of them, they seem to be the cause of the power cell giant's share price plunge. Now, the company is taking action.

A series of malicious rumors that have recently surfaced on online platforms about CATL (SHE: 300750) being sanctioned by the US, being removed from the ChiNext weighted stock index, and the failure of talks with Tesla have sparked market misunderstandings and affected the company's reputation, it said in a statement released today.

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"These rumors are baseless, unfounded and egregious in nature. To protect the company's legitimate rights and interests, on February 12, 2022, we have officially reported the case to the public security authorities and will pursue legal responsibility against the rumor-mongers in accordance with the law," CATL said.

"The rumors about its negotiations with Tesla failing are really untrue," a Tesla source told Shanghai Securities News.

In a report by local media Cailian on February 8, CATL denied consulting on the possibility of its being sanctioned by the US. This is the first time we have seen negative rumors about the company.

Earlier rumors said CATL was seeking help from professional bodies in the US to consult on the possibility of its being sanctioned by the US, according to the report.

"The information circulating on the Internet that our company consulted US agencies about the possibility of sanctions is false," local media Cailian quoted the company as saying.

CATL shares traded more than 17 percent lower in Shenzhen during the week, the first work week after the Chinese Lunar New Year holiday.