Particle.news

Download on the App Store

CATL Hong Kong IPO Oversubscribed in Largest Global Listing of 2025

The battery giant aims to raise up to $5.3 billion to fund European expansion, with final pricing set for May 19 and trading to begin May 20.

Overview

  • CATL's Hong Kong listing has drawn strong demand, with books multiple times oversubscribed by sovereign wealth and long-only investors.
  • The offering seeks to raise at least HK$31.01 billion ($3.99 billion), with options to expand to HK$41 billion ($5.3 billion) through share adjustments and a greenshoe option.
  • More than 20 cornerstone investors, including Sinopec and Kuwait Investment Authority, have committed $2.62 billion to the IPO.
  • Approximately 90% of the proceeds, around HK$27.6 billion, will fund the construction and expansion of CATL's Hungary-based EV battery manufacturing hub.
  • Underwriters are earning slim fees of just 0.2% of proceeds, reflecting fierce competition in Hong Kong's IPO market.