On May 12, 2025, CATL disclosed the board announcement and published the registration prospectus for the issuance stage, announcing the official launch of international allocation bookkeeping. It is expected to be listed on the main board of the Hong Kong Stock Exchange and begin trading on May 20. Based on the upper limit of the issuance price of HKD 263.00 per share, the expected size of this Hong Kong IPO is USD 4-5 billion, making it one of the largest IPO projects in the Hong Kong stock market in recent years.

CATL will be listed on the Hong Kong Stock Exchange on May 20th, with a maximum issue price of HKD 263 per share and an expected fundraising scale of USD 4-5 billion

According to the announcement, the upper limit of the issuance price range for this Hong Kong IPO is HKD 263.00 per share, which is basically the closing price of A-shares on May 8th, achieving a high pricing close to A-shares prices. The Hong Kong IPO plans to issue a total of 118 million shares, with additional options for adjusting the offering quantity and over allotment rights. If both options are fully exercised, based on the upper limit of the issuance price of HKD 263.00 per share, the expected total fundraising amount is USD 4-5 billion.

This issuance has attracted a luxurious lineup of cornerstone investors, including energy giants, sovereign wealth funds, and top market-oriented institutions, to subscribe for up to HKD 20.371 billion (calculated based on the issuance price ceiling of HKD 263.00 per share). According to disclosure, investors participating in this cornerstone subscription include Sinopec, KIA (Kuwait Investment Authority), Hillhouse Capital, Gaoyi Asset Management, UBS Asset Management, Oaktree, Mirae (Future Assets), RBC (Royal Bank of Canada), Taibao, Taikang, Boyu, Jinglin, etc.

90% of the proceeds from this fundraising will be invested in the construction of the first and second phases of the Hungary project, further enhancing local supply capabilities and consolidating the company's global leading position in the field of new energy.

Ningde Times officially submitted the A1 application document to the Hong Kong Stock Exchange on February 11th, and received the notice of overseas issuance and listing filing from the China Securities Regulatory Commission on March 25th, setting a record for the fastest overseas issuance filing in recent years. According to the listing date of May 20th, CATL has only been on the market for over three months from application to listing. In the current environment, CATL still achieves high pricing close to A-share prices, cornerstone investor subscriptions exceeding HKD 20 billion, and completes the listing process in a very short period of time, reflecting the value recognition of global investors for CATL and the global new energy industry.

Financial data shows that in 2024, CATL achieved a total operating revenue of RMB 362.013 billion and a net profit attributable to shareholders of the parent company of RMB 50.745 billion, a year-on-year increase of 15.01%; In the first quarter of 2025, the company achieved a revenue of RMB 84.705 billion, a net profit attributable to the parent company of RMB 13.963 billion, a year-on-year increase of 32.85%, and a comprehensive gross profit margin of 24.4%, which continued to rise month on month. In addition, the company actively gives back to shareholders in terms of repurchases and dividends. Since its listing, it has accumulated nearly 60 billion yuan in cash dividends, with a dividend rate of 50% for two consecutive years in 2023 and 2024. In April 2025, it launched a share repurchase plan of up to 8 billion yuan, and as of April 30, it has efficiently repurchased 1.55 billion yuan.