Overview

• CATL is offering approximately 117.9 million shares at up to HK$263 each, targeting proceeds of HK$31.01 billion ($4 billion).
• The IPO is structured as a Reg S offering, excluding U.S. onshore investors to mitigate legal risks tied to U.S.–China tensions.
• Cornerstone investors, including Sinopec and Kuwait Investment Authority, have committed HK$2.62 billion ahead of the May 20 trading debut.
• Funds raised will support overseas expansion, including factories in Hungary, Germany, and a $4.3 billion joint project with Stellantis in Spain.
• Despite U.S. designations linking CATL to the Chinese military, JPMorgan and Bank of America remain involved in the deal.