Chinese battery giant CATL plans to list in Hong Kong

Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) said on Thursday it plans to list in Hong Kong.

The world’s largest battery maker said in a filing with the Shenzhen Stock Exchange that it plans to issue offshore H shares and apply for listing on the main board of the Hong Kong Stock Exchange.

While CATL’s board of directors has approved the plan, the proposal is still awaiting approval from regulators in Beijing, including China Securities Regulatory Commission (China Securities Regulatory Commission), the company said.

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Last year, the battery giant Plans to raise US$5 billion through Swiss Global Depository Receipts (GDRs)But the listing remained stalled after Chinese regulators raised concerns about the large-scale issuance.

Within weeks of reports about CATL’s plans for a Swiss listing, Chinese President Xi Jinping also told the battery maker He has mixed feelings about his status As the largest player in the industry.

Details about CATL’s planned Hong Kong listing – including its size – remain scarce. Details of the plan have not yet been finalized, the company said.

The move is aimed at “further advancing the company’s global strategic layout” and improving competitiveness.

According to battery market tracker SNE Research, CATL’s global market share in the electric vehicle battery field is approximately 37%.

The company has been suffering from the impact of the ongoing price war in China’s electric vehicle industry, but third-quarter profit rose 26% year-on-year. However, its revenue fell for the fourth consecutive quarter.

• Reuters, with additional editing and input by Vishakha Saxena

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Visakha Saxena

Vishakha Saxena is Asia Finance’s multimedia and social media editor. She has worked as a digital journalist since 2013 and is an experienced writer and multimedia producer. As a trader and investor, she is interested in the new economy, emerging markets, and the intersection of finance and society. You can write to her: [email protected]