By P.R. Venkat and Jiahui Huang

Chinese battery giant Contemporary Amperex Technology has filed a preliminary prospectus with the Hong Kong Exchange for a secondary listing, as it seeks to tap the enthusiasm surrounding the electric-vehicle market to gain more access to overseas capital.

CATL didn't say how much it expects to raise or how many shares will be offered but analysts say the fundraising could be Hong Kong's largest share offering since ByteDance's rival Kuaishou Technology's $5.4 billion initial public offering in 2021.

CATL is already listed on the ChiNext board of the Shenzhen Stock Exchange and has a market capitalization of about $140.3 billion.

The company had said late last year that it was considering a Hong Kong listing as part of its global expansion strategy and to enhance its competitiveness.

Bank of America and JP Morgan Chase remained among the advisors for CATL's Hong Kong offering even though they were urged by a U.S. congressional committee to withdraw. BofA Securities, Goldman Sachs, J.P. Morgan, and CICC are among the advisors for the listing, according to the preliminary prospectus.

Rep. John Moolenaar (R., Mich.), chairman of the House Select Committee on the Chinese Communist Party told the lenders' chief executives in April that the two banks were exposing themselves to serious regulatory, financial and reputational risks by underwriting CATL's initial public offering.

China's buoyant EV market, supported by the government's trade-in programs and promotions from automakers, has attracted several local and foreign companies to forge alliances.

Earlier this year, CATL and Volkswagen signed a memorandum of understanding to enhance their partnership in EV battery research and development, new material applications, and auto parts development.

CATL, which accounted for over one-third of the global battery market in 2024, has 13 manufacturing bases worldwide and service outlets in 64 countries. According to the prospectus, CATL's EV batteries were installed in over 17 million vehicles, representing one in every three EVs worldwide in 2024.

Last year, the company reported a revenue of around $50.0 billion and a net profit of $7.6 billion.

Write to P.R. Venkat at venkat.pr@wsj.com and Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

May 06, 2025 01:43 ET (05:43 GMT)

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