The world’s largest electrical car (EV) battery maker has made its debut on the Hong Kong Stock Exchange, within the greatest preliminary public providing (IPO) to date this yr.
China’s Contemporary Amperex Technology Co Limited (CATL) produces greater than a 3rd of all EV batteries bought worldwide and provides main carmakers together with Tesla, Volkswagen and Toyota.
The firm raised virtually HK$35.7bn ( $4.55bn, £3.4bn) from the itemizing. Its shares jumped by greater than 10% on the market open.
In January, the US Department of Defense added the battery maker to a listing of companies it says works with China’s navy. CATL denies this, claiming its inclusion on the record was a “mistake”.
The firm is already listed on China’s Shenzhen Stock Exchange, the place it has a valuation of greater than 1tn yuan ($138.7bn, £104.3bn).
Founded in 2011 within the jap Chinese metropolis of Ningde, it loved speedy progress due to the increase within the nation’s EV trade.
The battery large employs over 100,000 folks and has 13 manufacturing vegetation all over the world.
CATL is presently constructing its second European manufacturing facility in Hungary, after opening a plant in Germany in early 2023.
In December, the agency introduced a tie-up with Chrysler-owner Stellantis to construct a $4.3bn (£3.2bn) EV battery plant in Spain. The facility is ready to be in operation by the tip of subsequent yr.
The agency invests closely in new know-how, with six analysis and growth centres all over the world.
“The innovations that we’re seeing from CATL are unbelievable, particularly in the fast charging area”, mentioned Tim Buckley founding father of the impartial Australian assume tank Climate Energy Finance.
Last month, the corporate unveiled a brand new battery that it mentioned could be charged for 323 miles (520km) in simply 5 minutes.
CATL is a serious provider to Elon Musk’s Tesla, offering lithium iron phosphate batteries for the EV makers Shanghai manufacturing facility.
But US lawmakers have expressed considerations about potential nationwide safety dangers surrounding the Chinese firm.
In April, the chair of the House Select Committee on China wrote letters to the chief executives of JPMorgan and Bank of America, asking them to withdraw from engaged on CATL’s Hong Kong itemizing.
Despite scepticism about Chinese corporations from Washington, Mr Buckley says the US ought to be seeking to work with Beijing on the development of renewable vitality.
“They’re rejecting by far the best technology players in the world when it comes to clean tech”, he advised the BBC.
https://www.bbc.com/news/articles/c3d4k1derzgo