CATL plans to complete its listing in Hong Kong within 18 months at the right time and offering window.
Contemporary Amperex Technology Co Ltd (CATL, SHE: 300750) has formally unveiled its plan for a secondary listing in Hong Kong, after a media report mentioned it earlier this month.
The board of directors of the Shenzhen-listed Chinese power battery giant today approved a proposal to list its shares on the Hong Kong Stock Exchange, according to an announcement today.
CATL plans to choose the right timing and offering window to complete its listing in Hong Kong within 18 months.
The move is to further advance the company's global strategic layout, create an international capital operation platform and improve its overall competitiveness, CATL said.
The plan is still subject to the approval of securities regulators in the Chinese mainland as well as Hong Kong, its announcement noted.
CATL has yet to announce the number of shares it plans to issue in Hong Kong or the amount it plans to raise.
On December 19, Bloomberg said in a report that CATL could raise at least $5 billion through a Hong Kong listing, making it the city's biggest listing since early 2021.
CATL is the world's largest maker of electric vehicle (EV) batteries and is headquartered in Ningde, Fujian province in southeastern China.
It was listed on the Shenzhen Stock Exchange on June 11, 2018, and has risen about 70 percent this year, with a current market capitalization of RMB 1.15 trillion ($158 billion).
In the third quarter of this year, CATL reported revenue of RMB 92.28 billion, down 12.48 percent year-on-year but up 6.07 percent from the second quarter, according to its financial results announced on October 18.
It reported net income of RMB 13.14 billion in the third quarter, the second highest on record, and a record gross margin of 31.17 percent, the first time it has exceeded 30 percent.
In the January-October period, CATL's installed power battery volume was 252.8 GWh, with a global share of 36.8 percent, the only one with a share of more than 30 percent, according to South Korean market researcher SNE Research.
($1 = RMB 7.2991)
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