EV Battery Maker CATL Targets Hong Kong IPO, Poised to Become City’s Largest Listing With Strong Global Backing

Chinese battery maker CATL aims to raise at least $3.99 billion in its Hong Kong listing, marking the largest new share sale in the city this year, according to Reuters. The deal could grow to $5.3 billion if the offer size adjustment and greenshoe options are exercised. Over 20 cornerstone investors, including Sinopec and the Kuwait Investment Authority, have committed to purchasing approximately \$2.62 billion in CATL shares. CATL licenses its battery technology to U.S. clients like Ford and Tesla to support local battery plant construction, a strategy that has drawn criticism from U.S. politicians.