(Yicai Global) Jan. 23 -- Longi Green Energy Technology's stock price jumped to a record high after the firm, which makes nearly half of China's monocrystalline silicon wafers, said it has penned its second three-year supply deal in the past two weeks.

Longi's shares [SHA: 601012] rose to CNY30.23 (USD4.37) in the morning. By noon, the stock price had retreated slightly to CNY29.78, with a CNY112.3 billion (USD16.2 billion) market cap. Meanwhile, the Shanghai Composite Index fell 1.46 percent by the midday break.

The wafer giant and Hefei-headquartered Tongwei Solar inked a sales framework contract, the Xi'an-based seller said in a statement yesterday. Based on current prices, the deal should amount to CNY13 billion (USD1.9 billion), equaling nearly 60 percent of Longi's audited revenue in 2018. However, prices will be decided on a monthly basis, it added.

Longi has been increasingly successful on the deal front lately. Earlier this month, it penned an agreement with panel parts maker Run Sunshine to provide the latter with wafers worth an estimated CNY10 billion.

The supplier is currently expanding its production in northwestern China's Ningxia Hui Autonomous Region and southwestern Yunnan province to boost its total capacity by 60 percent to 80 gigawatts by the end of this year.

Editor: Emmi Laine