Chinese battery giant CATL is aiming to raise up to $4 billion through a Hong Kong listing, with trading set to begin on May 20.
The company will offer 118 million H-shares between May 12 and 15, priced no higher than HK$263 each. Around 7.5% of the shares will be allocated to the Hong Kong public, with the rest placed internationally.
Net proceeds are expected to total roughly HK$30.7 billion, with 90% earmarked for its Hungary project and the remainder for working capital. CATL, the world’s largest electric vehicle battery maker, held a 38.3% global market share in the first quarter, according to SNE Research.
The company operates 13 production bases and six research centres globally and generates around $50 billion in revenues annually.