Chinese EV battery maker CATL raises $39 billion in Hong Kong share sale

China’s Contemporary Amperex Technology Co (3750) has priced its Hong Kong share sale at the lower end of the indicated range, raising HK$39.19 billion, according to an exchange filing on Tuesday.

Its shares slipped over 6 percent at the open in Hong Kong.

CATL, the world’s largest EV battery maker, is offering 62.4 million new H shares at HK$628.2 each, representing a 7 percent discount to the stock’s last close.

Reuters reported on Monday that CATL has launched a roughly US$5 billion share sale in Hong Kong, as the company seeks to secure capital with its share price still elevated, amid overseas expansion and intensifying competition in China’s EV market.

The term sheet seen by Reuters showed that the new shares would be offered at a range between HK$628.2 and HK$651.8 each.

The company said proceeds raised from the share sale will be used for the construction of global new energy projects and the layout of zero-carbon business, research and development investment and daily working capital, among others.

Reuters and staff reporter 

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