Chinese battery maker CATL is preparing to submit an application for a listing on the Hong Kong stock exchange this week, reported Reuters citing two undisclosed sources.
The firm aims to raise at least $5bn with the filing, which is expected to occur on 11 February or 12 February, sources with direct knowledge of the matter told the news agency.
Last month, reports emerged that CATL is poised to hire JPMorgan Chase & Co., Bank of America, China International Capital Corp, and CSC Financial Co. to assist with the Hong Kong listing.
The company’s decision to float in the Chinese offshore market comes amid heightened geopolitical tensions, as the US recently added CATL and other Chinese tech firms to a list alleging cooperation with China's military.
Reuters reached out to CATL for a comment, but the company did not provide an immediate response.
In January, CATL and China's vehicle manufacturer SAIC Motor teamed up to advance the development of electric vehicle (EV) batteries.
The agreement spans new technology development, battery aftermarket services, and international growth initiatives.
As part of the agreement, SAIC Motor has designated CATL as its preferred battery supplier, highlighting CATL's Qilin and Shenxing batteries for priority use in SAIC's EVs.
Additionally, the two firms will jointly explore battery-swapping technologies, expand charging infrastructures, and engage in battery recycling and repurposing, as well as in the pre-owned car market.
In December, CATL unveiled plans to build 1,000 additional battery swapping stations in 2025 to address concerns over the availability of battery electric vehicle (BEV) charging facilities in China.
