CATL to raise $4 billion in Hong Kong listing

It would be world's biggest so far in '25

- SCOTT MURDOCH

Chinese battery manufacturer CATL aims to raise at least HK$31.01 billion ($3.99 billion) in its Hong Kong listing, according to its prospectus filed yesterday, the largest listing globally so far in 2025.

The electric-vehicle battery maker is selling 117.9 million shares at a maximum offer price of HK$263 per share, according to filings lodged with the Hong Kong Stock Exchange.

The size of the deal could increase to about $5.3 billion if an offer size adjustment option and a so-called 'greenshoe option' are exercised.

CATL's shares in Shenzhen rose 3.6% yesterday after the Hong Kong deal was launched, reaching a six-week high. The gain outpaced a 0.9% lift in China's blue-chip CSI300 index.

CATL raising $4 billion means the listing is the biggest in the world so far this year, according to Dealogic data, beating JX Advanced Metal's $3 billion March IPO in Tokyo.

In Hong Kong, the share sale will be the largest since Midea Group raised $4.6 billion last year.