On Dec. 2, the domestic foil manufacturer Solus Advanced Materials saw its stock price rise by over 20%. The surge in buying interest is attributed to news of a supply contract with China's CATL, a global electric vehicle battery company.
As of 9:20 a.m. on Dec. 2, Solus Advanced Materials was trading at 10,730 won, an increase of 2,150 won (25.06%) compared to the previous trading day on the securities market.
The investment sentiment appears to have improved following the news that Solus Advanced Materials became the first domestic foil manufacturer to sign a supply contract with China's CATL in the European market.
Solus Advanced Materials announced that it plans to supply foils produced at its Hungarian factory to CATL's European battery factory starting next year. This marks the establishment of a partnership with CATL in the European region, making it the first domestic foil manufacturer to do so, according to Solus Advanced Materials.