Staff Reporter
Chinese battery powerhouse CATL is on track to receive approval from the Hong Kong Stock Exchange for a listing aimed at raising at least $5 billion, according to two sources familiar with the situation. The approval is expected to come on Thursday.
The listing is anticipated to occur in the second quarter of this year, though the exact timing remains uncertain due to ongoing volatility in global financial markets influenced by U.S. tariffs, one source noted.
These sources requested anonymity as they were discussing confidential information. CATL has not yet responded to a request for comment from Reuters.
If successful, CATL’s listing would mark the largest in Hong Kong in four years, following Kuaishou Technology’s $6.2 billion initial public offering.
In late March, CATL announced that the China Securities Regulatory Commission had approved its planned share sale. An earlier regulatory filing indicated that part of the funds raised would be allocated to the construction of a €7.3 billion ($7.53 billion) battery plant in Hungary.
On Thursday, CATL’s shares listed in Shenzhen rose 3.3%, outperforming the blue-chip Chinese CSI300 index, which increased by 1.1%. However, despite this uptick, CATL’s share price has fallen by 18% so far this year.
