CATL Seeks at Least $4 Billion for Hong Kong Listing

(Bloomberg) -- Contemporary Amperex Technology Co. Ltd. is planning to seek at least $4 billion from its Hong Kong stock offering, people familiar with the matter said, which would make it the world’s biggest listing this year. 

The eventual proceeds could rise to $5.3 billion if the deal is upsized and the greenshoe exercised, according to the people, who asked not to be identified as the information isn’t public. These options will likely be implemented, they said, adding the process could start as early as Monday.

The maximum price of the electric-vehicle battery maker’s stock in Hong Kong will likely be equivalent to the 244.57 yuan close for CATL’s shares in Shenzhen on Thursday, the people said. Discussions are ongoing and plans could change, they said.

A representative for CATL didn’t immediately respond to a request for comment.

At over $4 billion, the share offering would more than double proceeds in Hong Kong’s market for listings this year, which Bloomberg Intelligence predicts will surge to $22 billion. The bonanza’s been driven by Chinese companies going ahead with their listing plans in the Asian financial hub despite the turmoil brought on by US President Donald Trump’s tariffs, which have caused many deals to be postponed in America and Europe.

CATL plans to make the deal a “Reg S” offering, the people said, meaning the shares can’t be sold to onshore US investors, limiting CATL’s exposure to US legal risks.

Allocations to cornerstone investors — which commit to holding shares for at least six months — are expected to make up more than half of the share sale, the people said. CATL’s listing has drawn interest from firms including the Kuwait Investment Authority, Chinese state-owned oil company Sinopec and alternative-asset manager Hillhouse Investment, people familiar with the matter have said.

(Updates with possible launch in second paragraph)

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