China's CATL powers up for overseas push with US$4.6 billion Hong Kong IPO
The largest
initial public offering (IPO) on the
Hong Kong stock exchange in four years also sends a message: that China will widely promote EV technologies – a new source of national pride – around the world in spite of rising trade barriers.
'An overseas listing by China's EV battery champion is more than fundraising,' said Ding Haifeng, a consultant at Shanghai-based financial advisory firm Integrity. 'As a public company outside mainland China, the company will draw attention from more international investors and industry officials as it revs up expansion abroad.'
CATL, as the company is known, is expected to price its IPO at the top end of a range and increase the offer size to raise about HK$35.7 billion (US$4.6 billion). It planned to sell 117.9 million new shares at HK$263 a share under its base offering, according to a person familiar with the matter. The firm was expected to top up the deal by 15 per cent, or 17.7 million shares, to meet investor demand, the person added.
It is expected to be the biggest IPO in Hong Kong since Kuaishou Technology's US$6.2 billion listing in January 2021. Trading is expected to begin on Tuesday.
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CATL said the proceeds would be used to build factories in overseas markets, which account for 30 per cent of its total revenue.
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