HK Movers | Chinese Battery Maker CATL Rises 6% in Hong Kong Grey Market Trading
Chinese battery maker CATL shares rose 6% in Hong Kong grey market trading on Monday.
Chinese battery maker CATL is set to price its shares at HK$263 ($33.70) each and increase the size of the company's Hong Kong listing, according to two sources with direct knowledge of the matter, raising about $4.6 billion.
It would be the largest listing globally in 2025, according to LSEG data.
More than 20 cornerstone investors subscribed for about $2.6 billion worth of CATL shares in the listing, the filings showed.
The company said about 90% of the proceeds raised, about HK$27.6 billion, would be spent on the construction of its planned Hungary factory, part of its plan to make batteries in Europe for automakers such as BMW, Stellantis and Volkswagen.
The first phase of the factory, in which it is investing 2.7 billion euros ($3.03 billion), is due to start producing batteries this year. It aims to begin construction on the second phase later this year.
CATL shares are due to start trading on the Hong Kong Stock Exchange on May 20, according to its filings.
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