CATL is said to eye filing for Hong Kong listing in coming weeks

Contemporary Amperex Technology is considering filing its application for its jumbo Hong Kong listing as soon as this month or early March, people familiar with the matter said.

The Shenzhen-listed firm’s Hong Kong float could raise more than US$5 billion (HK39 billion) as soon as the first half of 2025, Bloomberg News has reported, in what would be the biggest listing in the city in recent years.

CATL, as the world’s top electric-vehicle battery maker is known, is set to add Goldman Sachs, Morgan Stanley and UBS to the roster of banks arranging the offering, the people said, asking not to be identified as the deliberations are private.

Bank of America, China International Capital, CSC Financial and JPMorgan were poised to be lead arrangers of the listing, people familiar with the matter have said.

Considerations are ongoing and details such as the timing of the filing and size of the share sale could still change, the people said. Other banks may also join the group with more junior roles, they added.

Representatives for CATL, Goldman, Morgan Stanley and UBS declined to comment.

CATL’s listing is expected to drive much of this year’s share-sale recovery in Hong Kong, with other mainland China-listed companies also seeking a second float in the city. The chief executive officer of Hong Kong Exchanges and Clearing (0388) last month said about 100 companies were in the initial public offering pipeline. Hong Kong’s IPO business could double to more than US$22 billion in 2025, Bloomberg Intelligence analyst Sharnie Wong wrote in January note.

BLOOMBERG