China’s CATL to seek Hong Kong listing

BEIJING (Reuters) – Chinese battery manufacturer CATL said on Thursday it plans to seek a listing in Hong Kong, a Shenzhen Stock Exchange filing showed.

CATL plans to issue offshore H-shares and apply for a listing on the main board of the Hong Kong Stock Exchange, it said in the filing.

CATL’s board has approved the plan, but the proposal is pending approval from regulators, including the China Securities Regulatory Commission, the company said.

Other details of the plan have yet to be finalised, it added.

The move is aimed at “further promoting the company’s global strategic layout” and improving its competitiveness, it said.

CATL, the world’s top battery maker, has a global market share of roughly 37% in electric vehicle batteries, according to battery market tracker SNE Research.

The company has been weathering the impact of an ongoing price war in China’s EV sector, with an increase in third-quarter profit growth.