The world's largest EV battery maker is looking for an even bigger market share. On Thursday, CATL announced plans to list on the Hong Kong Stock Exchange to advance the company's “global strategic structure” and improve its competitiveness.
CATL is planning a new stock listing in Hong Kong to boost growth
In a filing with the Shenzhen Stock Exchange, CATL said it intends to issue H shares listed overseas and apply for listing on the Hong Kong Stock Exchange.
CATL said the new stock listing will help “further promote the company's global strategy, build a platform for global financial operations, and improve overall competitiveness.”
Shareholders still have to approve the company's issuance and listing on the stock exchange. CATL also requires approval from government and regulatory agencies, including the China Securities Regulatory Commission.
Although its board of directors has approved the plans, CATL said whether the list will be revised is “highly uncertain.”
This is not the first time CATL has announced a new stock listing. Last year, the EV battery giant revealed that it plans to raise at least $5 billion in Swiss depository receipts. However, its plans were delayed after Chinese regulators raised concerns about the large offering.
CATL already leads the global EV battery market by a wide margin. In accordance with SNE researchCATL had 36.8% of the market in the first ten months of 2024. China's BYD was second with a 16.8% share, followed by Korea's LG Energy Solution in third place with an 11.8% share.
Earlier this week, CATL unveiled its new Bedrock Chassis for EVs. The company claims it is “the world's first safest skateboard chassis” and could open up a “billion yuan market.”
The global EV battery leader is also rapidly expanding its EV battery replacement network as it looks to eliminate gas stations in the next few years.
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