- CATL's listing is expected to raise at least $5 billion and will be Hong Kong's biggest in four years.
- It has been No. 1 in global power battery market share for eight consecutive years and No. 1 in the energy storage battery market for three straight years.
CATL (SHE: 300750) has filed an application to list in Hong Kong in what will be one of the largest listings in the city.
The power battery giant has filed the first version of its prospectus for a Hong Kong listing with sponsors and coordinators including BofA Securities, CICC, China Securities International, JP Morgan, Goldman Sachs, Morgan Stanley, and UBS.
As of September 30, CATL had set up six research and development centers and 13 battery manufacturing bases worldwide, with service networks in 64 countries and regions, according to the filing.
By the end of November 2024, the number of vehicles equipped with CATL's batteries reached about 17 million globally, with an average of one in every three new energy vehicles (NEVs) using the company's batteries.
In the power battery market, CATL has been the world's No. 1 in share for eight consecutive years; in the energy storage battery market, the company has been No. 1 in market share for three consecutive years.
Earlier today, South Korean market research firm SNE Research released data showing that CATL's installed EV battery volume in 2024 was 339.3 GWh, up 31.7 percent from 257.7 GWh in 2023.
The company continued to rank first globally with a 37.9 percent share in 2024, followed by BYD (HKG: 1211, OTCMKTS: BYDDY) with 17.2 percent, according to SNE Research.
On December 26 last year, CATL unveiled plans for a secondary listing in Hong Kong, saying it was to further the company's globalization strategy and create a platform for international capital operations.
CATL's batteries power 72 percent of China's high-end NEVs, and 80 percent of new energy buses, according to today's prospectus document.
In 2024, the company had an annualized capacity of 646 GWh, the largest in the world.
CATL's listing in Hong Kong will raise at least $5 billion and will be the largest Hong Kong IPO in four years, Reuters said in a report earlier today.
It would be the largest IPO since Kuaishou Technology's 2021 initial public offering raised $6.2 billion, the report noted.
Late last month, CATL released a preview of its results showing that its net income in 2024 was expected to be between RMB 49 billion ($6.7 billion) and RMB 53 billion, an increase of 11.06 percent to 20.12 percent from 2023.
CATL expected revenue of RMB 356 billion to RMB 366 billion in 2024, down 11.20 percent to 8.71 percent from RMB 400.9 billion in 2023.
Despite the growth in sales of the company's battery products, adjustments in product prices led to a year-on-year decline in operating income due to lower prices of raw materials such as lithium carbonate, CATL said at the time.
CATL was listed on the Shenzhen Stock Exchange on June 11, 2018, and was up about 70 percent for the full year 2024.
The company closed down 2.57 percent to RMB 251.8 per share today, with a market capitalization of RMB 1.11 trillion.
($1 = RMB 7.3073)
Global EV battery market share in 2024: CATL 37.9%, BYD 17.2%
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