Overview

• CATL has filed its prospectus for a secondary listing in Hong Kong, targeting up to HK$31.01 billion (US$4 billion) through 117.9 million shares priced at a maximum of HK$263 each.
• The offering is structured as a Regulation S deal, excluding US onshore investors, following CATL's designation as a 'Chinese military company' by the US Department of Defense in January.
• Cornerstone investors, including Sinopec and the Kuwait Investment Authority, have committed HK$2.62 billion to the IPO, which is set to launch on May 20.
• Proceeds from the share sale will primarily support CATL's international expansion, notably the construction of its Hungary battery plant, part of a broader European growth strategy.
• Despite geopolitical tensions, major US banks JPMorgan Chase and Bank of America remain underwriters for the offering, which represents a slight discount to CATL's Shenzhen-listed shares.