On December 26, China’s leading battery maker CATL has announced its plan to issue overseas listed foreign shares (Hong Kong-shares) and apply for listing on the main board of the Hong Kong Stock Exchange. The company aims to raise $5 billion funds for building overseas factories and expanding international markets. According to documents from the Shenzhen Stock Exchange, the plan has been approved by CATL’s board of directors but still requires approval from regulatory bodies such as the China Securities Regulatory Commission.
CATL’s Hong Kong listing plan has attracted significant attention in the capital markets and is seen as a critical step in its global expansion strategy. The funds raised will support its localization strategy in Europe and Asia, transitioning from a predominantly export-driven model to localized manufacturing in overseas markets. On December 10, CATL partnered with Stellantis, the parent company of Fiat, to jointly invest €4.1 billion in constructing its third European factory in Spain, which will have an annual production capacity of 50 GWh. Additionally, the R&D center established in Hong Kong will initiate 75 research and development projects to further cement its technological leadership.
In 2023, CATL held a 36.8% share of the global electric vehicle battery market. By October 2024, the company’s battery deliveries had reached 252.8 GWh, representing a 28% year-over-year growth. The Hong Kong listing will enable CATL to achieve dual listings in both the Shenzhen and Hong Kong Stock Exchanges. This follows its initial public offering on the Shenzhen Stock Exchange in 2018. According to CATL’s reports, the company currently reaches a market value of around $157.5 billion.
