上海
by Hou Ruining
CATL is set to raise over HK$30.7 billion (US$3.9 billion) in its Hong Kong IPO on May 20, in what could be the city’s biggest listing since 2021—and possibly the largest globally this year.
The Chinese battery giant plans to offer 118 million H-shares, with up to 156 million shares if reallocation and over-allotment options are fully exercised. The maximum price is set at HK$263 per share.
Assuming the full base offering and no extra shares sold, CATL expects net proceeds of about HK$30.72 billion after fees.
Around 90% of the funds will go to phase one and two of CATL’s Hungary plant, part of its broader overseas push, which includes facilities in Germany, Hungary, Spain (via a Stellantis JV), and Indonesia. The rest will be used for working capital and general corporate needs.
As of end-2024, CATL batteries had been installed in more than 17 million vehicles. Its energy storage solutions have been deployed in over 1,700 projects worldwide.
In 2024, CATL reported revenue of 362.01 billion yuan, down 9.7%, while net profit rose 15% to 50.75 billion yuan. In Q1 2025, revenue rose 6.2% to 84.71 billion yuan, with net profit up 32.9% to 13.96 billion yuan.
As of 2:16 p.m. on May 12, CATL shares rose 3.41% to 256.74 yuan in Shenzhen, giving it a market cap of 1.13 trillion yuan.
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