Shida Shinghwa Advanced Material Group's (SHA:603026) unit, Shenghua New Materials Technology (Lianjiang), partnered with Contemporary Amperex Technology (SHE:300750) or CATL the purchase of electrolytes, according to a Shanghai Stock Exchange filing on Thursday.
The Chinese battery manufacturer is expected to purchase up to 100,000 tons of the material from Shenghua New Materials.
The agreement is valid until Dec. 31, the new material manufacturer said.
Shinghwa's shares jumped less than 4% and CATL's shares rose more than 1% in recent trade.
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