Chinese battery giant CATL‘s on Thursday received approval from the Hong Kong Stock Exchange for its listing in the city to raise at least $5 billion, according to two sources with direct knowledge of the matter.
CATL‘s listing is set to happen in the second quarter of this year, according to two separate sources.
The exact timing of the share sale launch is still to be decided in light of the global financial market volatility caused by U.S tariffs, one of the sources added.
The sources could not be named because they were discussing confidential information. CATL did not immediately respond to a request for comment from Reuters.
The battery giant’s listing would be the largest in Hong Kong in four years since Kuaishou Technology raised $6.2 billion in an initial public offering.
CATL said in late March the China Securities Regulatory Commission had approved the planned share sale.
In an earlier regulatory filing, CATL said part of the funds raised will be used to build a 7.3 billion-euro ($7.53 billion) battery plant in Hungary.
CATL‘s Shenzhen listed stock closed up 3.1% on Thursday, outperforming the blue-chip Chinese CSI300 index, which was up 1.3%.
Despite the gains, CATL‘s share price is down 18% so far this year.
Reuters
