From Rural Roots to Global Power

Last year, Min and I embarked on an insightful journey to Ningde as part of Everest's grassroots research routine. Following our standard practice, we conducted thorough visits to all CATL's manufacturing facilities in the area while engaging in meaningful conversations with people nearby.

What truly stood out from our trip, however, was our experience in Lankou Village - the hometown of CATL's founder, Robin Zeng. This little-known yet remarkable village perfectly embodies the Chinese concept of "rénjié dìlíng" (人杰地灵), where exceptional individuals emerge from a land blessed with natural abundance and spiritual energy.

Through our interactions with villagers and observations of the local environment, we gained unique insights into the cultural roots that helped shape one of China's most influential entrepreneurs. The trip, no doubt, deeply enriched our understanding of CATL's origins.

Im Frühtau zu Berge (In the Early Dew to the Mountains 清晨向山行)

On a misty morning with a lingering chill in the air, we set out from downtown Ningde and drove south into the mountains where Lankou Village is nestled.

At the foot of the hills lay CATL’s Cheliwan (车里湾) manufacturing base, which was constructed on artificially reclaimed land — a massive engineering feat that involved draining and filling intertidal mudflats along the Xiapu coastline. Little did Dr. Zeng know, as he trudged over mountain paths to school each day, that those same slopes would one day cradle a worldclass lithium-ion battery factory — a testament to how far both the man and his village had journeyed. So, always dream big.

To our surprise, while we had expected Lankou Village to be a relatively underdeveloped rural settlement, we discovered rows of modern villas upon entering - a strikingly contemporary landscape deeply intertwined with CATL's presence. Both Min and I, having grown up in rural areas, always find immense joy in witnessing how industries can revitalize the countryside. In our view, this is the real impact.

“There's someone ahead!”

Lankou Village is also home to the ​Lankou Catholic Church, built in ​1647—a silent witness to the profound history of this otherwise unassuming rural settlement. I was wondering whether this unique ​East-meets-West cultural upbringing played a role in shaping Dr. Zeng’s ​global vision—nurturing in him the ability to bridge technological innovation across civilizations.

Leaving the village, we trekked into the mountains to visit the famous "Bishop’s Cave (主教洞)." Local lore holds that ​Bishop Sanz (Patius Sanz, known as "Bishop Bai" among Fujian’s faithful) once sought refuge here. After navigating a steep, narrow mountain path, we reached the cave—its entrance so low and cramped that we had to crouch to enter.

Something amusing happened during our exploration. As Min and I shuffled through the cave in single file—bent double to navigate the narrow passage—we emerged into a slightly wider chamber. Just as Min turned to warn me about the uneven footing, I suddenly spotted a figure ahead and blurted out, "There's someone ahead!" Startled, Min nearly lost his balance. It turned out to be a middle-aged woman who had come

before dawn to pray alone.

This scene lingers vividly in my mind. I hope Everest, too, can become such a trailblazer—that one day, when future Chinese emerging fund managers aspire to be world-renowned value investors, they might also whisper in awe, "There's someone ahead!"

Finding Mike, we are Mike.

As we wound down the mountain path, we came upon a striking new bridge—the ​Yujie Bridge. Nearby, workers were erecting a memorial monument. We stood in solemn silence, recognizing this as a tribute to ​Dr. Zhang Yujie (Mike), the legendary figure behind CATL's rise.

Born in 1943 with ancestral roots in Tai'an, Shandong Province, Dr. Zhang Yujie graduated from ​National Taiwan University in 1965 and obtained his ​PhD degree in Electrical Engineering from the University of Notre Dame  in 1973. In ​1994, he joined ​SAE Magnetics (HK) Ltd., marking his entry into Asian industrial development. By ​2007, he took leadership roles at ​Amperex Technology Limited (ATL), serving as its Vice Chairman and later the Chairman. His defining moment came in ​2011 when he spearheaded the spin-off of ATL’s EV battery division to establish ​Contemporary Amperex Technology Ltd. (CATL)—now the world’s largest EV battery manufacturer. Since ​2017, he has held the title of ​Honorary Chairman, guiding CATL’s rise as a global power.

As long-term owners of CATL, we bow to Dr. Zhang Yujie’s foresight in recognizing and mentoring Dr. Robin Zeng—a testament to the ancient Chinese wisdom: "While a thousand-mile steed may not be rare, a discerning伯乐 (Bó Lè) who recognizes its potential is truly exceptional."

Best,

Zhouzhou Cui

Investor in Everest Growth Capital

2nd-April-2025