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China’s CATL to seek Hong Kong listing

China’s CATL to seek Hong Kong listing

By Swedan Margen

Fashion

CHINESE battery manufacturer CATL said on Thursday (Dec 26) it plans to seek a listing in Hong Kong, a Shenzhen Stock Exchange filing showed.

CATL plans to issue offshore H-shares and apply for a listing on the main board of the Hong Kong Stock Exchange, it said in the filing.

CATL’s board has approved the plan, but the proposal is pending approval from regulators, including the China Securities Regulatory Commission, the company said.

Other details of the plan have yet to be finalised, it added.

The move is aimed at “further promoting the company’s global strategic layout” and improving its competitiveness, it said.

CATL, the world’s top battery maker, has a global market share of roughly 37 per cent in electric vehicle (EV) batteries, according to battery market tracker SNE Research.

The company has been weathering the impact of an ongoing price war in China’s EV sector, with an increase in third-quarter profit growth. REUTERS

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Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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