CATL Pursues Hong Kong Listing to Boost Global Strategy

Chinese battery giant CATL aims to list offshore H-shares on Hong Kong's main board, pending regulatory approvals. The move seeks to enhance global strategy and competitiveness amid China's EV price war. CATL holds a 37% market share in electric vehicle batteries, with recent profit growth.

In a strategic move to strengthen its global footprint, Chinese battery manufacturer CATL has announced its intentions to pursue a listing on the Hong Kong Stock Exchange. The decision, revealed through a Shenzhen Stock Exchange filing, marks a significant step for CATL, known for its leading role in the electric vehicle battery sector.

The company plans to issue offshore H-shares for the listing, which has already received board approval. However, the proposal still requires the green light from regulatory bodies, including the China Securities Regulatory Commission. Specific details about the listing are yet to be finalized, but CATL has stated that the listing aligns with efforts to bolster its global strategic layout and sharpen competitiveness.

CATL boasts a sizable 37% share of the global electric vehicle battery market, a testament to its industry dominance as per SNE Research. The move comes as CATL navigates the challenges posed by an ongoing price war within China's electric vehicle market, with the company reporting profit growth in the third quarter.

(With inputs from agencies.)