Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Chinese electric vehicle battery maker CATL said it would raise at least $4bn in what is set to be Hong Kong’s biggest listing this year.
The company’s shares will be priced this week and start trading on May 20, according to a prospectus filed with the Hong Kong stock exchange on Monday.
Chinese oil company Sinopec and sovereign fund Kuwait Investment Authority are leading a group of more than 20 cornerstone investors.
CATL, which already has shares listed on China’s Shenzhen stock exchange, is the world’s biggest producer of batteries for EVs and energy storage systems.
The company has grown rapidly on the back of China’s EV boom and has embarked on an ambitious global expansion plan, including building battery factories in Europe and licensing technology to US carmakers.
However, CATL has drawn scrutiny from Washington over national security fears and there is uncertainty over its long-term access to the US market amid trade tensions between Beijing and Washington.
Monday’s filing came as the US said it had made “substantial progress” over two days of trade talks with Chinese officials in Geneva, a sign the world’s two biggest economies might de-escalate their trade war.
This is a developing story
Read the full article here
