EVWire brief: CATL is going to list of the Hong Kong Stock Exchange on May 20th and aims to raise at least HK$31.01 billion ($3.99 billion), or up to HK$41B (US$5.3B). That would make it a likely contender for the largest IPO of 2025. The funds will primarily support Phases I and II of CATL’s Hungary project, and further investment into solid-state batteries and sodium-ion batteries.
Resource: Here is the CATL Global Offering prospectus (626-page pdf). PS, not financial advice anywhere here.
Also, who wants to help us go through the little document to find all the juicy details? 🙋♂
Context: The company has invested about €700M ($796M) in Hungary for a new plant with a capacity of around 100 GWh.
More than 20 cornerstone investors have already subscribed for $2.62 billion worth of shares. These 23 investors include Chinese state-owned oil company Sinopec, sovereign wealth fund the Kuwait Investment Authority, and alternative-asset manager Hillhouse Investment.
Source: South China Morning Post; Company prospectus (626-page pdf); shoutout to @DriveGreenLiveGreen for bringing our attention to this.
