Chinese battery manufacturer Contemporary Amperex Technology Co. Ltd. (CATL) said on Tuesday it had received approval from China’s securities regulator for a share sale in Hong Kong, which sources estimate could raise at least $5 billion.
The Shenzhen-listed company plans to issue up to 220 million shares on the Hong Kong Stock Exchange, it said in a statement. If the fundraising meets expectations, it would be the largest listing in Hong Kong since Kuaishou Technology’s $6.2 billion initial public offering in 2021, according to Dealogic data.
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CATL stated in its February listing application that part of the proceeds would go toward building a 7.3 billion-euro ($7.53 billion) battery plant in Hungary, a key step in its global expansion strategy.
The share sale comes as Hong Kong’s equity capital markets show signs of revival after a prolonged period of sluggish activity. In recent months, Chinese electric vehicle makers Xiaomi and BYD have raised nearly $11 billion through stock offerings to support their expansion plans.
See also: CATL Reports Record Fourth-Quarter Net Income Amid Decline in Annual Revenue
Chinese companies have secured $23.6 billion in global equity capital so far in 2025, a 208% increase from the same period last year, according to LSEG data. Bankers and advisers attribute the surge to easing regulatory scrutiny on technology firms and growing investor interest in artificial intelligence innovations, such as software developer DeepSeek.