China's No 5 EV battery maker Eve Energy jumps on Hong Kong IPO bandwagon
Eve Energy, China's fifth-largest producer of
electric vehicle (EV) batteries, plans to raise fresh capital on the Hong Kong stock exchange, following the lead of its bigger rival Contemporary Amperex Technology (CATL) as international investors show a growing appetite for the country's industrial gems.
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The Shenzhen-listed company said on Tuesday that its board had endorsed a fundraising plan aimed at bolstering its international expansion, but details about the share offering were still in the works.
The flotation would 'enhance the company's capital strength, overall competitiveness and international brand awareness', Eve Energy said in a filing to the Shenzhen Stock Exchange.
The time frame for Eve Energy's share sale would hinge on market conditions, said the company, which is based in Huizhou in China's southern Guangdong province.
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Since its trading debut on May 20, CATL's Hong Kong shares have climbed 14 per cent to HK$299.60 on Tuesday.
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