Chinese electric vehicle battery manufacturer Contemporary Amperex Technology Co. Ltd. or CATL is reportedly considering a second listing in Hong Kong.
What Happened: The listing could raise at least $5 billion, Bloomberg reported, citing people familiar with the matter. The company is talking with potential advisers and listing might happen as early as the first half of 2025, the report said.
CATL’s plans, however, could change, the report noted, given the company’s deliberations are ongoing. A second listing in Hong Kong will need the company to get approval from China’s securities regulator.
If CATL raises $5 billion or more, it would top Midea Group Co’s $4.6 billion share sale in September, Bloomberg noted, making it the city’s biggest since early 2021 when Kuaishou Technology had a $6.2 billion share sale.
CATL did not immediately respond to Benzinga’s request for comment on the prospective second listing.
Why It Matters: CATL is the world’s top EV battery maker supplying companies including Tesla. It currently trades on the Shenzhen Stock Exchange. Its shares have surged over 70% year-to-date and the company now has a market cap of about 1.2 trillion yuan.
The biggest IPO to date in Hong Kong occurred in 2010. Insurance company AIA Group Ltd’s listing then raised more than $20 billion, Bloomberg noted.
CATL announced this week that it has co-developed 10 EV models with automakers that use swappable batteries. It also revealed that in 2024 so far, it completed 60 million battery swaps, and Chinese EV maker Nio Inc. uses battery-swapping technology in 60% of its vehicles.
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