Battery-maker CATL considers Hong Kong listing to raise US$5 billion

CONTEMPORARY Amperex Technology Co Limited (CATL) is considering a second listing in Hong Kong that could raise at least US$5 billion, making it the city’s biggest since early 2021, according to sources familiar with the matter.

CATL, as the world’s top electric vehicle (EV) battery maker is known, is talking with potential advisers and a listing might happen as soon as the first half of 2025, the sources said, asking not to be identified discussing private information.

Raising US$5 billion or more would top Midea Group’s US$4.6 billion share sale in September, the biggest in Hong Kong since Kuaishou Technology’s US$6.2 billion in early 2021. Midea’s Hong Kong-listed shares have risen 37 per cent in three months.

CATL’s deliberations are ongoing and plans could change, the sources said. A second listing would still require approval from China’s securities regulator.

A representative for the EV battery maker declined to comment.

CATL, based in southeast China’s Fujian province, trades on the Shenzhen stock exchange. Its shares have climbed 65 per cent this year, helped by a surge in late September when Chinese markets rallied on the back of government talk of stimulus plans. CATL has a market value of 1.2 trillion yuan (S$224 billion).

After four years of losses, Hong Kong’s Hang Seng Index is on track for a gain this year, advancing about 15 per cent since the start of January. The city’s biggest IPO on record was AIA Group’s in 2010, which raised more than US$20 billion. BLOOMBERG

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