China's CATL targets nearly $4b in HK's biggest IPO of 2025

Contemporary Amperex Technology Co Ltd, the world's largest electric vehicle battery maker, is aiming to raise up to HK$41 billion ($3.99 billion) in a Hong Kong initial public offering, which would make it the biggest IPO in Hong Kong so far this year.

The IPO comes as China and the United States signaled progress in easing trade tensions following what both sides described as "constructive" talks in Geneva over the weekend. The Hong Kong listing marks a key step in CATL's global expansion, reinforcing its position as a dominant force in the EV battery market amid intensifying international competition.

According to filings with the Hong Kong Stock Exchange, CATL plans to sell 117.9 million shares at a maximum offer price of HK$263 each. About 7.5 percent of the offering is allocated to retail investors in Hong Kong, with the remainder open to global institutional buyers.

The listing has drawn a high-profile group of cornerstone investors, who have pledged up to HK$20.371 billion. Among them are state-owned energy giant Sinopec, the Kuwait Investment Authority, Hillhouse Capital, UBS Asset Management, and Oaktree Capital.

CATL said it plans to spend about 90 percent of the proceeds—around HK$27.6 billion—on building a major battery manufacturing facility in Hungary, part of its strategy to expand production capacity in Europe to supply automakers such as Volkswagen.