Chinese battery giant CATL is planning to raise $5 billion in what could be Hong Kong’s largest share sale in four years. Sources say the offering will be priced at a discount of less than 10% compared to CATL’s Shenzhen-listed shares, with a possible mid-single-digit range.
Investors are pressing for at least a 10% discount, but pricing remains unfinalized. CATL is currently meeting with investors before book building begins next week, and aims to secure cornerstone and anchor buyers for about half of the deal.
Shares of CATL rose 2.33% on Wednesday but are down nearly 11% year-to-date. The listing comes amid broader efforts to fund expansion, including an €8.3 billion battery plant in Hungary.
If successful, this IPO would be the largest in Hong Kong since Kuaishou’s $6.2 billion debut in 2021.