Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest electric vehicle (EV) battery maker, is exploring a second listing in Hong Kong that could raise at least $5 billion, according to Bloomberg. If successful, this would mark the largest listing in the city since early 2021.
CATL, which was listed on the Shenzhen Stock Exchange in June 2018, currently holds a market capitalization of RMB 1.19 trillion ($163 billion). The company is in discussions with potential advisers, and the second listing could take place as soon as the first half of 2025, pending approval from Chinaās securities regulator.
In the third quarter of 2024, CATL reported a revenue of RMB 92.28 billion, reflecting a 12.48% year-on-year decline, but a 6.07% increase from the second quarter. The company posted a net income of RMB 13.14 billion, a 25.97% increase from the previous year, and achieved a record gross margin of 31.17%, up 8.75 percentage points year-on-year.
As of October 2024, CATL remains the global leader in EV battery production, with 252.8 GWh of batteries installed, securing a 36.8% share of the global market. In China, CATL continues to hold the top position, with a 42.71% market share in November.