Citi: Contemporary Amperex Technology (03750) eliminates adverse factors of rights issue and reiterates "highly confident outperforming the market" rating.

Citi Research released a research report stating that Contemporary Amperex Technology (03750, 300750.SZ) raised 39.1 billion Hong Kong dollars by offering a 7% discount on its rights issue, which eliminated the main adverse factors facing the stock and eased investors' recent uncertainties. Citi Research reiterated its "highly confident of outperforming the market" investment rating for Contemporary Amperex Technology with a target price of 820 Hong Kong dollars and 570 yuan for the A shares. With the elimination of these adverse factors and a series of catalysts, the bank believes that the market will once again focus on Contemporary Amperex Technology's long-term structural sustainable development strategy and the recovery momentum of the Chinese electric vehicle market.