CATL, a leading power battery giant, has filed an application to list in Hong Kong, with expectations to raise at least $5 billion in what will be the city’s largest IPO in four years. The company, which has been dominating the global power battery market for eight consecutive years and the energy storage battery market for three straight years, has set up research and development centers and manufacturing bases worldwide, with service networks in 64 countries and regions.
By the end of November 2024, CATL had equipped approximately 17 million vehicles globally with its batteries, accounting for one in every three new energy vehicles (NEVs). The company’s installed EV battery volume in 2024 reached 339.3 GWh, representing a significant increase from the previous year. CATL maintained its position as the global leader in EV battery market share, holding 37.9 percent in 2024, ahead of BYD.
CATL’s decision to list in Hong Kong is part of its globalization strategy and aims to facilitate international capital operations. The company’s batteries power a large percentage of China’s high-end NEVs and new energy buses. With an annualized capacity of 646 GWh in 2024, CATL is positioned as the largest in the world.
In a recent earnings preview, CATL projected a net income between RMB 49 billion and RMB 53 billion for 2024, marking a significant increase from the previous year. Despite a decline in operating income due to adjustments in product prices and lower raw material costs, the company remains optimistic about its financial performance.
CATL’s upcoming listing in Hong Kong is set to be a milestone event, with significant implications for the company’s growth and global expansion. As one of the key players in the EV battery market, CATL’s IPO is expected to attract substantial investor interest and solidify its position as a dominant force in the industry.
