RTTNews | Nov 13, 2020 10:38AM EST

10:37 Friday, November 13, 2020 (RTTNews.com) - Shares of CBAK Energy Technology, Inc. (CBAT) are currently gaining over 35% on Friday morning despite no stock-related news to drive the shares.

CBAT is currently trading at $5.49, up $1.52 or 38.29%, on the Nasdaq.

CBAK Energy Technology, formerly China BAK Battery, is a holding company. The company and its subsidiaries are engaged in the manufacture, commercialization and distribution of a range of standard and customized lithium ion rechargeable batteries for use in an array of applications.

President Donald Trump signed an executive order on Thursday restricting Americans from investing in a batch of Chinese companies that are deemed to be owned or controlled by the Chinese military. The news negatively impacted shares of China Mobile and China Telecom.

U.S. stocks recovered on Friday, despite continued spike in coronavirus cases in the country and worries about stimulus.

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