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Chinese electric vehicle battery maker CATL mentioned it could increase no less than $4bn in what is ready to be Hong Kong’s greatest itemizing this yr.
The corporate’s shares can be priced this week and start trading on Could 20, in keeping with a prospectus filed with the Hong Kong inventory change on Monday.
Chinese language oil firm Sinopec and sovereign fund Kuwait Funding Authority are main a bunch of greater than 20 cornerstone buyers.
CATL, which already has shares listed on China’s Shenzhen inventory change, is the world’s greatest producer of batteries for EVs and vitality storage programs.
The corporate has grown quickly on the again of China’s EV increase and has launched into an bold international growth plan, together with constructing battery factories in Europe and licensing know-how to US carmakers.
Nonetheless, CATL has drawn scrutiny from Washington over nationwide safety fears and there’s uncertainty over its long-term entry to the US market amid commerce tensions between Beijing and Washington.
Monday’s submitting got here because the US mentioned it had made “substantial progress” over two days of commerce talks with Chinese language officers in Geneva, an indication the world’s two greatest economies may de-escalate their commerce warfare.
It is a growing story
