CATL announces new stock listing plans as the EV battery giant expands globally

The world’s largest EV battery maker wants an even bigger market share. On Thursday, CATL announced plans to list on the Hong Kong Stock Exchange to drive the company’s “global strategic layout” and improve its competitiveness.

CATL plans new Hong Kong stock listing to drive growth

In a filing with the Shenzen Stock Exchange, CATL said it intends to issue overseas listed H shares and apply for listing on the Hong Kong Stock Exchange.

CATL said the new stock listing would help “further promote the company’s global strategic layout, build an international capital operation platform, and improve comprehensive competitiveness.”

Shareholders must still approve the company’s issuance and listing on the exchange. CATL also needs approval from government and regulatory agencies, including the China Securities Regulatory Commission.

Although its board of directors has already approved the plans, CATL said that whether the listing will pass review is “of great uncertainty.”

This is not the first time CATL has announced a new stock listing. Last year, the EV battery giant revealed it planned to raise at least $5 billion in Swiss global depository receipts. However, its plans were delayed after Chinese regulators raised concerns over the massive offering.

CATL is already leading the global EV battery market by a wide margin. According to SNE Research, CATL accounted for 36.8% of the market through the first ten months of 2024. China’s BYD was second with a 16.8% share, followed by Korea’s LG Energy Solution in third with an 11.8% share.

Earlier this week, CATL launched its new Bedrock Chassis for EVs. The company claims it’s “the world’s first ultra-safe skateboard chassis” and could unlock “a trillion yuan market.”

The global EV battery leader is also rapidly expanding its EV battery swap network as it looks to phase out gas stations over the next few years.