- CATL plans to use about 90 percent of the proceeds for its project in Hungary.
- Trading of CATL shares in Hong Kong will begin on Tuesday, May 20.
CATL (SHE: 300750) plans to raise up to $4 billion in its upcoming Hong Kong listing, with trading on the Hong Kong Stock Exchange expected to start a week later.
The Chinese power battery giant will offer its shares on May 12-15 in a planned global offering of 118 million H-shares, which will be priced at no more than HK$263, according to an updated prospectus today.
That means CATL plans to raise as much as HK$31 billion, or $3.99 billion, in the Hong Kong listing.
The offer price is equivalent to roughly RMB 244.72, a 1.43 percent discount to CATL's closing price of RMB 248.27 on Friday on the Chinese mainland A-share market.
Of CATL's planned global offering, the Hong Kong public offering accounts for 7.5 percent and the international offering accounts for 92.5 percent.
CATL's trading on the Hong Kong stock market will begin at 9 am on Tuesday, May 20, in lots of 100 H shares.
The company is expected to raise net proceeds of about HK$30.7 billion in the event that the offer size adjustment option and the over-allotment option are not exercised.
Of this amount, about 90 percent will be used to advance the construction of phases I and II of the Hungary project; about 10 percent will be used for working capital and other general corporate purposes.
CATL is the world's largest manufacturer of electric vehicle (EV) batteries, with a global share of 38.3 percent in the January-March period, according to South Korean market researcher SNE Research.
By the end of 2024, CATL has 13 battery production bases, 6 R&D centers and service outlets in 64 countries and regions worldwide.
The company has already achieved mass production of lithium-ion battery cells at its plant in Thuringia, Germany, and is moving ahead with the construction of a plant in Hungary.
Last December, CATL announced that it would form a joint venture with Stellantis to build a lithium iron phosphate (LFP) battery plant in Spain, with a total planned investment of $4.26 billion.
For the full year 2024, the company's EV battery installed capacity was 246.01 GWh, up 47.21 percent from 2023.
In 2024, CATL's net income was RMB 50.75 billion, up 15.01 percent year-on-year.
Its revenue in 2024 was RMB 362.01 billion, down 9.70 percent year-on-year.
($1 = RMB 7.237, $1 = HK$ 7.7776, RMB 1 = HK$ 1.0747)
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