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Battery giant CATL is preparing to plug into the Hong Kong stock market to power its international expansion, raising funds to diversify its supply lines outside of China.
The world’s top-selling maker of electric car batteries, which goes by the full name of Contemporary Amperex Technology Co. Ltd. (300750.SZ), joins a stream of industry leaders drawn to Hong Kong for secondary listings, after the likes of logistics enterprise S.F. Holding (6936.HK; 002352.SZ) and appliance maker Midea Group (0300.HK; 000333.SZ). CATL has stormed to global dominance as a supplier of battery packs, a key part of the EV supply chain, for brands including Tesla and Volkswagen. The Shenzhen-listed firm has held the top spot for eight years in a row, with its installed battery capacity jumping nearly 32% in 2024 to 339.3 GWh for a global market share of almost 38%, according to a report from new-energy specialist SNE Research. In the global rankings, CATL is closely trailed by another Chinese brand, BYD (1211.HK; 002594.SZ), and South Korean rival LG Energy (373220.KS).