Battery Giant Shrugs Off US Scrutiny for World's Biggest Listing
Chinese battery giant CATL shrugged off being blacklisted by the Pentagon and the ongoing turbulence in Sino-US relations to produce the biggest public listing in the world this year. The largest maker of electric-vehicle batteries gained 16% on its debut in Hong Kong after raising HK$35.7 billion ($4.6 billion) with its offering.
CATL supplies batteries to the likes of Tesla, Volkswagen and Mercedes-Benz Group and has a market share in the electric-car segment of roughly 38%. But its rise hasn't come without obstacles. The company was put on a Pentagon blacklist in January based on allegations of CATL's links to the Chinese military — something the company has denied repeatedly.
The listing has cemented the company's founders, top investors and executives as some of the wealthiest people in the world. Four Chinese businessmen, including Chairman Robin Zeng, have amassed a combined fortune of more than $73 billion — mainly derived from their stakes in the company — according to the Bloomberg Billionaires Index.
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