CATL to Debut in Hong Kong on May 20, Targeting US$4-5 Billion IPO

Today, CATL (300750.SZ; 03750.HK) disclosed the H-share prospectus, as well as matters related to the H-share issue price ceiling and the H-share Hong Kong public offering. It is expected to be listed and start trading on the Main Board of the Hong Kong Stock Exchange on May 20.

A table displaying the detailed information and conditions related to the IPO offering for shares in Hong Kong, including application amounts and corresponding stock allocations.

The Company’s H-share issue price will not exceed HKD 263 per share. The Hong Kong public offering of H-shares will commence on May 12, 2025, and is expected to conclude on May 15, 2025, with the issuance price to be announced by May 16, 2025 (including that day).

On February 11, CATL submitted its listing application to the Hong Kong Stock Exchange. On March 25, it received the filing notification for overseas issuance and listing from the China Securities Regulatory Commission. Listing is scheduled for May 20, just over three months from application to listing.

According to the announcement, the upper limit of the issuance price range for this HKEX IPO is HKD 263.00 per share, which is roughly the closing price of A-shares on May 8, enabling a pricing close to the A-share price.

Illustration of the CATL (Contemporary Amperex Technology Co., Limited) branding with a blue and white color scheme, featuring a stylized building and various energy-related elements like wind turbines, electric vehicles, and battery components.

This HKEX IPO plans to issue 118 million shares, with an overallotment option and a greenshoe option. If both options are fully exercised, at the maximum issuance price of HKD 263.00 per share, the expected total funds raised will be between USD 4 billion and USD 5 billion, making it one of the largest IPOs in the Hong Kong market in recent years.

This issuance has attracted cornerstone investors, including energy giants, sovereign wealth funds, and top market – based institutions, with subscription commitments of up to HKD 20.371 billion (calculated at the maximum issue price of HKD 263.00 per share). Disclosed investors participating in this cornerstone subscription include Sinopec, KIA (Kuwait Investment Authority), Gaoyi Asset Management, UBS Asset Management, Oaktree Capital Management, Mirae Asset, RBC (Royal Bank of Canada), China Pacific Insurance, Taikang Insurance, Boyu Capital, and Jinglin Asset Management.

It is reported that 90% of the funds raised by CATL this time will be allocated to the first – and second – phase construction of the Hungary project to further enhance local supply capacity.