(Yicai) Feb. 23 -- Shares of Hunan Zhongke Electric advanced after the Chinese supplier of lithium battery anode materials said it received an order from a renowned overseas automaker.

Zhongke Electric [SHE: 300035] was trading up 3.7 percent at CNY8.79 (USD1.22) as of 1.40 p.m. in Shenzhen today.

Hunan Zhongke Shinzoom, a subsidiary of Zhongke Electric, recently signed a nomination agreement with the battery-making unit of an overseas carmaker, the Yueyang-based parent company announced today.

The deal marks another significant breakthrough for Zhongke Electric in expanding its lithium battery anode material business overseas and enhancing its overall competitiveness, Zhongke Electric added, without revealing any further details.

Zhongke Electric is one of China's major suppliers of lithium battery anode materials. In 2022, it shipped 120,000 tons of lithium battery anode materials, achieving an operating revenue from such business of CNY5 billion (USD690 million), accounting for about 94 percent of the total. South Korean battery giant LG Energy Solutions is among Zhongke Electric’s main overseas customers.

Zhongke Shinzoom ranked fifth in China’s list of competitive lithium battery anode material brands last year, according to data released by EVTank and other research firms.

Editor: Futura Costaglione