# LFP cathode

A Phantom RMB120bn Order: How a Cathode-Materials Supplier Briefly Hijacked China’s Battery Narrative

Rongbai Technology announced a headline RMB120 billion, six‑year supply intention to CATL that the buyer later described as non‑binding and not internally approved. Regulators have opened a formal probe after the company admitted the figure was an estimate and its current capacity falls far short of the volumes implied by the announcement. The incident highlights governance gaps at smaller suppliers and reputational risk for industry leaders amid rapid expansion and cooling prices in China’s LFP market.