CATL plans Hong Kong listing to boost global EV battery clout
Though CATL’s board has approved the plan, the proposal requires approval from regulators, including the China Securities Regulatory Commission.
The world’s top battery maker CATL plans to seek a listing in Hong Kong, a move aimed at “further promoting the company’s global strategic layout” and boosting its competitiveness, the Chinese company said, according to a Shenzhen Stock Exchange filing.
CATL plans to issue offshore H-shares and apply for a listing on the main board of the Hong Kong Stock Exchange, a Reuters report said, citing the filing.
Though CATL’s board has approved the plan, the proposal requires approval from regulators, including the China Securities Regulatory Commission.
Other details have yet to be finalized, the company said.
Bloomberg had earlier reported that CATL could raise at least USD 5 billion through a Hong Kong listing.
A listing of that size would be the largest since short video app operator Kuaishou raised USD 6.2 billion in its 2021 IPO, the Bloomberg report indicated. And the final fundraising amount could easily surpass Kuaishou’s, considering USD 5 billion represents barely over 3% of CATL’s current market value of approximately USD 160 billion.
Headquartered in Ningde in China’s Fujian province, CATL is the world’s largest maker of electric vehicle (EV) batteries. It was listed on the Shenzhen Stock Exchange on June 11, 2018.
In the third quarter of this year, CATL reported revenue of RMB 92.28 billion and a net income of RMB 13.14 billion.
In terms of installed power battery volume, CATL had a global share of nearly 37% in the January-October period, according to market researcher SNE Research.
Just days ago, CATL announced plans to massively scale up battery swapping in China, starting from 2025. It said it had plans to open 1,000 swap stations next year in China, including in Hong Kong and Macao. Its long-term goal is to open a whopping 10,000 stations with partners.
