- CATL received approval from the Chinese mainland securities regulator to move forward with its planned listing on the main board of the Hong Kong Stock Exchange.
- CATL's Hong Kong listing will raise at least $5 billion and will be the city's biggest in four years.
CATL (SHE: 300750) has received approval from the Chinese mainland securities regulator for its planned Hong Kong listing, which would be one of the biggest in the city.
The company received a filing notice from the China Securities Regulatory Commission (CSRC) on March 25, allowing it to proceed with its listing on the main board of the Hong Kong Stock Exchange, according to an announcement it made on the Shenzhen Stock Exchange last night.
CATL plans to issue no more than 220,169,700 overseas-listed ordinary shares and list them on the Hong Kong Stock Exchange, the announcement read.
The company needs to complete the overseas issuance and listing within 12 months from the date of issuance of the filing notice, otherwise it should update the filing materials if it plans to continue after the deadline.
CATL's secondary listing still needs to be approved by Hong Kong's securities regulators.
The power battery giant was listed on the Shenzhen Stock Exchange on June 11, 2018, and currently has a market cap of RMB 1.14 trillion yuan ($1,570 billion), one of the few Chinese companies with a market cap of over RMB 1 trillion yuan.
On December 26, 2024, CATL announced plans for a secondary listing in Hong Kong, saying it was to further advance the company's global strategic layout and create an international capital operation platform.
On February 11, a Hong Kong Stock Exchange announcement showed that CATL had submitted the first version of its prospectus for listing in Hong Kong, but did not mention the planned fundraising amount.
Reuters reported at the time that CATL's listing in Hong Kong would raise at least $5 billion and would be the largest listing since Kuaishou Technology's 2021 initial public offering raised $6.2 billion.
In the power battery market, CATL has had the world's largest share for eight consecutive years; in the energy storage battery market, the company has had the largest market share for three consecutive years.
The company's EV battery installation volume in 2024 was 339.3 GWh, an increase of 31.7 percent from 257.7 GWh in 2023, with a global share of 37.9 percent, according to South Korean market research firm SNE Research.
CATL's revenue in 2024 was RMB 362.01 billion yuan, a year-on-year decrease of 9.70 percent, mainly due to a decline in product prices in line with raw materials, according to its annual report released earlier this month.
For the full year of 2024, CATL's net income was RMB 50.75 billion yuan, a year-on-year increase of 15.01 percent.
($1 = RMB 7.2648)
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