The Full Story of Ronbay Technology's RMB 120 Billion Contract Incident: Under Investigation by the CSRC

Based on the latest information, I have systematically sorted out the full context of Ronbay Technology’s RMB 120 billion contract incident with Contemporary Amperex Technology Co., Limited (CATL) and the company’s responses.

On the evening of January 13, 2026, Ronbay Technology (688005.SH) issued an announcement stating that it has signed a 《Lithium Iron Phosphate Cathode Material Procurement Cooperation Agreement》 with Contemporary Amperex Technology Co., Limited (CATL), agreeing to supply approximately 3.05 million tons of lithium iron phosphate cathode materials to CATL from the first quarter of 2026 to 2031, with a

[1][2].

---

: The Shanghai Stock Exchange (SSE) found that the in the agreement filing documents submitted by the company[1][2].

: Ronbay Technology explicitly admitted for the first time in its reply to the inquiry letter:

"The procurement amount is not stipulated in the agreement. The

‘RMB 120 billion total contract amount’ is an estimate made by the company

. The final actual sales scale will be determined based on the raw material prices and quantities at the time of actual order signing, and the sales amount is uncertain."[1][3]

: Ronbay Technology currently only has an annual production capacity of 60,000 tons of lithium iron phosphate, while the agreement requires an annual supply of approximately 500,000 tons, resulting in [1][2].

:

• Currently, it only has a 60,000-ton annual lithium iron phosphate production line in Xinren, Guizhou
• It plans to invest approximately
  RMB 8.7 billion
  in capital expenditures over the next three years to meet the performance requirements
• As of September 30, 2025, the total amount of monetary funds and tradable financial assets is approximately RMB 4.591 billion, with RMB 8.438 billion in unused bank credit lines[1]
• The subsequent capacity construction "is subject to multiple factors such as project approval, capital investment, construction progress, and market environment, and there is uncertainty"[1]

: The technological maturity of the core products the company intends to supply.

:

• The
  third and fourth-generation lithium iron phosphate products have not yet achieved large-scale stable mass production
• The fifth-generation product "is still in the development stage"[1]

: Supplement the disclosure of the mandatory obligations of both parties and specific liability for breach of contract as stipulated in the agreement.

:

"If either party fails to perform any mandatory obligation in accordance with this agreement, the breaching party shall bear the liability for breach of contract. The breaching party shall pay a penalty of

RMB 5 million per item or per breach

to the non-breaching party (if there are multiple or repeated breaches, the penalty will be accumulated). If the aforementioned penalty is insufficient to compensate the non-breaching party for the damages suffered, the breaching party shall compensate the non-breaching party for the damages suffered, regardless of whether this agreement is terminated or not."[2]

This means that for the RMB 120 billion large order,

[2].

---

• Evening of January 13
  : Ronbay Technology issued the "RMB 120 billion contract" announcement
• 7:30 PM, January 13
  : The company hastily organized an online roadshow titled "Black Technology Brings the Largest Order in the History of Lithium Battery Cathode Materials" (1,032 views, no replay retained)[4]
• Early morning of January 14
  : The SSE issued an inquiry letter
  overnight
  [4]
• January 14
  : The company’s stock was suspended from trading
• January 15-16
  : The company applied for an extension to reply to the inquiry twice, and the stock remained suspended
• Evening of January 18
  : The company disclosed its reply to the inquiry letter
• January 18
  : The company received the 《Formal Investigation Notice》 from the CSRC and was placed under investigation on suspicion of
  misleading statements in the major contract announcement
  [3][4]

After resuming trading on January 19, 2026, Ronbay Technology’s share price

, with its market value evaporating approximately RMB 3 billion to RMB 23.7 billion[4].

---

Under regulatory questioning, Ronbay Technology’s self-inspection found that two key management personnel traded the company’s stocks shortly before the agreement was disclosed:

Personnel	Trading Time	Purchases	Sales
General Manager of Lithium Iron Phosphate Business	December 2-29, 2025	22,974 shares	22,974 shares (all sold from December 15-29)
General Manager of Legal Department	January 12-13, 2026	1,000 shares	1,000 shares (sold the next day)[1][4]

The company explained that the former was "bullish on the company’s sodium-ion battery business" and the latter was "an operational error", but this explanation raised market concerns about the effectiveness of internal controls[1][4].

---

January 13: Issued the \"RMB 120 billion contract\" announcement
    ↓
7:30 PM, January 13: Held an online roadshow
    ↓
Early morning of January 14: SSE issued an inquiry letter overnight
    ↓
January 14-18: Trading suspension + two extensions to reply to the inquiry
    ↓
January 18: Replied to the inquiry letter + placed under CSRC investigation
    ↓
January 19: Share price plummeted 11.16% after resuming trading

---

Ronbay Technology currently states:

• All business operations and activities of the company are
  carried out normally
• It will
  actively cooperate with the CSRC’s relevant work
  during the investigation period
• It will
  fulfill its information disclosure obligations in a timely manner
  in strict accordance with relevant laws, regulations and regulatory requirements[3]

---

This incident exposed multiple problems in Ronbay Technology’s information disclosure:

1. Disclosed
   uncertain forecasts as definite facts
2. The binding force of the agreement was significantly weakened (penalty is only RMB 5 million)
3. Risk warnings were insufficient, and some terms were not standardized
4. There were flaws in internal procedures (the announcement was not signed by the chairman)[4]

Legal experts analyzed that the company

. In accordance with relevant provisions of the 《Securities Law》, it may face penalties such as being ordered to make corrections, given a warning, and fined; if the circumstances are serious, relevant responsible personnel may also be subject to market access restrictions[4].

---

[1] Securities Times: 《Ronbay Technology Placed Under Investigation: The Full Story of the "RMB 120 Billion Order" Violating Compliance Red Lines》(https://www.stcn.com/article/detail/3601217.html)
[2] Sina Finance: 《What’s Ronbay Technology’s RMB 120 Billion Order? CATL Has Locked in Over RMB 500 Billion Worth of Lithium Iron Phosphate!》(https://finance.sina.com.cn/roll/2026-01-19/doc-inhhvwpr1151464.shtml)
[3] China Energy News Network: 《Ronbay Technology Under Investigation by CSRC》(https://www.cpnn.com.cn/news/hy/202601/t20260119_1860707.html)
[4] Eastmoney.com: 《Ronbay Technology Under CSRC Investigation; Company Admits RMB 120 Billion Total Contract Amount Is Self-Estimated in Reply to Inquiry Letter》(https://finance.eastmoney.com/a/202601193623071954.html)