China’s CATL plans Hong Kong listing to boost global EV battery dominance
The Shenzhen-listed battery maker’s share issuance plan is pending approval from regulators and shareholders
China’s Contemporary Amperex Technology (CATL), the world’s largest producer of batteries for electric vehicles (EVs), is seeking a second listing in Hong Kong to increase its global presence and improve overall competitiveness.
The company announced the plan in a filing after receiving the board’s approval on Thursday. The proposal is pending approval from regulators, including the China Securities Regulatory Commission, and shareholders, who are set to meet on January 17, it said.
CATL’s Shenzhen-listed shares fell as much 2.4 per cent before closing Friday’s trading with a gain of 0.3 per cent to 262.00 yuan. The shares have risen more than 67 per cent this year.
CATL said it would choose an appropriate time and issuance window to complete the public offer within 18 months or the agreed extension period after the shareholders’ approval, with “thorough consideration of the existing shareholders’ interests and the situation of the capital markets onshore and offshore”.
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The EV battery giant is the latest to join a growing number of Chinese companies planning to list in Hong Kong, a theme deal makers say will contribute significantly to the city’s initial public offering volume next year on the back of stronger regulatory support.
Shanghai-listed drug maker Jiangsu Hengrui Pharmaceuticals and Shanghai-listed Foshan Haitian Flavoring & Food are also in the mix to list here.
