BRIEF: CATL gets Chinese regulatory nod for Hong Kong listing
Leading electric-vehicle (EV) battery maker Contemporary Amperex Technology Co. (300750.SZ), or CATL, received a listing approval notice from the China Securities Regulatory Commission (CSRC) on Tuesday — a necessary step for Chinese companies seeking to list offshore. The company plans to issue up to 220 million shares for the new listing on the Hong Kong Stock Exchange, the notice said.
The battery giant filed its listing application with the Hong Kong Stock Exchange last month. Bloomberg cited sources saying the company aims to raise at least $5 billion, while Morgan Stanley analysts estimate the offering could fetch between $6.8 billion and $7.7 billion. A figure in that range could surpass Kuaishou ‘s (1024.HK) $6.2 billion IPO in 2021 to become Hong Kong’s largest new listing in recent years.
CATL’s Shenzhen-listed shares have declined 2.5% year to date, with the company maintaining a market capitalization of more than 1.14 trillion yuan ($156.9 billion).
By Lee Shih Ta
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