Dear all Tianneng Power (00819.HK) (“TP”) caught my attention recently. It has slumped 40.5% from an intraday high of HKD22.55 on 13 Jan 2021 to close HKD13.42 on 8 Mar 2021. At HKD13.42, it trades at only 1/3 the value of its listed subsidiary Tianneng Battery! Besides this sharp plunge and significant valuation gap, what else does TP have to catch my attention? Read on for more. First up, a description of TP Quoting from its 1HFY20 results, TP was founded in 1986 and was listed Main Board of The Stock Exchange of Hong Kong Limited as the “First China Company of Power Battery” in 2007. After more than 30 years of development, it has become a large high-tech energy group focusing on the manufacturing and provision of services of environmentally friendly power batteries for electric vehicles, while offering integrated power storage ancillary services, and integrating the R&D, production...