CATL Seeking to Raise $5B in Hong Kong IPO Listing

Chinese battery giant CATL is set to file for a Hong Kong listing this week, aiming to raise at least $5 billion, according to two sources familiar with the matter. The filing is expected as early as Tuesday or Wednesday, though the sources requested anonymity due to the confidential nature of the information. 

CATL, the world's largest battery maker and already listed in Shenzhen, has not responded to requests for comment from Reuters. If successful, this would be Hong Kong’s biggest listing in four years, according to Dealogic data, surpassing all but Kuaishou Technology’s 2021 IPO, which raised $6.2 billion. 

Hong Kong’s equity markets have struggled over the past three years due to regulatory slowdowns in China and global financial instability. CATL’s move to list offshore comes amid growing geopolitical tensions, with the U.S. adding it and other Chinese tech firms, including Tencent, to a list of companies allegedly tied to China’s military. 

The listing also reflects a growing trend of Chinese A-share companies pursuing second listings in Hong Kong to access international investors.

With a market capitalization of 1.4 trillion yuan ($191.56 billion), CATL’s Shenzhen-listed shares have surged about 61% in the past year, signaling strong investor confidence in the company.