Overview

• CATL's Hong Kong secondary listing aims to raise over $4 billion by selling 117.9 million shares at HK$263 each.
• Underwriting fees are set at a fixed 0.2%, with up to 0.6% available as discretionary incentives, far below market averages.
• The IPO has been multiple times oversubscribed, drawing strong interest from sovereign wealth funds and global long-only investors.
• Proceeds will primarily fund CATL's Hungary battery plant expansion to support European automakers like BMW and Volkswagen.
• Major banks, including JPMorgan and Bank of America, have accepted reduced fees to secure roles in the deal, reflecting competitive pressures in Asia's capital markets.