Chinese EV Battery Maker CATL Launches $5 Billion Hong Kong Share Sale
The battery maker is targeting the largest new share sale in Hong Kong in about four years to fund overseas expansion and new-energy projects.
- On Tuesday, Contemporary Amperex Technology Ltd announced plans to raise $5 billion through a share placement in Hong Kong, with proceeds earmarked for global new-energy projects and research development.
- The EV battery giant seeks capital to expand its overseas manufacturing capacity, including a 7.3 billion-euro battery plant in Hungary, as soaring oil prices accelerate global demand for electrification and renewable energy solutions.
- Globally, CATL held a 38% battery market share in 2024, and the company recently posted first-quarter net profit of 20.7 billion yuan , up about 49% from a year earlier.
- Shares of the company tumbled nearly 7 per cent to HK$629 on Tuesday following the announcement, as the placement price represents about 7 per cent discount to Monday's closing price.
- Investors are restricted from selling for six months under the placement terms, which aims to optimize shareholder structure and integrate the company further into global capital markets for sustained capital security.
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The company said this is the right time for an offering that will help it capitalize on opportunities arising from the global transition to clean energy and consolidate its position in the sector.
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