Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest electric vehicle battery manufacturer, is preparing to file for a secondary listing in Hong Kong this week that could raise at least $5 billion, marking one of the territory’s largest offerings in recent years.
What Happened: The Chinese battery giant could submit its listing application as early as Tuesday or Wednesday, Reuters reported, citing sources. The move comes as Hong Kong’s capital markets show signs of revival, particularly among mainland Chinese firms seeking secondary listings to access international investors.
The planned listing gains significance against the backdrop of escalating U.S.-China tensions. On Jan. 7, U.S. authorities under former President Joe Biden added CATL to a list of companies allegedly working with China’s military, potentially complicating its international business relationships.
CATL, a key supplier to Tesla Inc. TSLA and other major automakers, did not immediately respond to Benzinga's request for comment.
Why It Matters: The offering would represent Hong Kong’s largest listing in three years, during which the city’s equity capital markets have struggled due to stringent Chinese regulatory oversight and global market volatility.
CATL’s move aligns with a broader trend of Chinese A-share companies pursuing Hong Kong listings to diversify their funding sources and enhance their global market presence.
The Ningde-based company operates a significant battery cell production facility known as “Z-base” in Fujian province, underlining its manufacturing capabilities in China’s growing electric vehicle supply chain.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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