CATL’s blockbuster listing aims to raise $5 billion
The Chinese EV battery giant said the funds raised would be used to fund the company’s European expansion, especially in Hungary.
China’s CATL, the largest battery maker in the world, has filed for listing on the Hong Kong exchange, hoping to raise at least USD 5 billion, according to a Reuters report.
At USD 5 billion, it would be the biggest listing since 2021.
CATL has a market capitalization of USD 191.56 billion.
According to the filing made by the company, the Bank of America, China International Capital Corporation, China Securities International and JPMorgan Chase are joint sponsors for the listing.
The Fujian-based EV battery giant said the funds raised would be used to fund the company’s European expansion, especially in Hungary. Of the 4.9 billion euro needed for the 100 gigawatt-hours factory, CATL says it has spent 700 million euro so far, according to a Bloomberg report.
CATL’s move comes as the US accuses Chinese tech firms of working for the Chinese military.
In January, the US Department of Defense included CATL and Tencent on its list of “Chinese Military Companies,” effectively preventing the department from procuring goods and services from those companies starting June 2026. However, analysts say the impact of the move is questionable as the companies don’t get substantial revenues from the DoD.
“We are proactively engaging with DoD to address the false designation,” CATL said in its filing. “We cannot guarantee that such attempts will be successful or that the relevant government agencies will not take any further actions.”
