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expansions","catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions","article/catl-raises-4-6bn-in-hong-kong-listing-to-power-global-expansions",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":656,"featured":51,"reporter":657,"_editable":661,"component":662,"seo_title":543,"categories":663,"visibility":667,"author_company":49,"featured_image":668,"seo_description":656,"author_full_name":49,"author_job_title":49,"formattedDate":672,"formattedArticleDate":673},"a7c98118-e87f-4d4c-b338-0b6289aa861c","2025-05-21 00:00",[550,553,556],{"slug":551,"name":552},"catl","CATL",{"slug":554,"name":555},"china","China",{"slug":557,"name":558},"europe","Europe",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,579,584,591,596,601,610,615,620,631,636,641,646,651],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"CATL raised $4.6 billion in a secondary listing in Hong Kong on May 20, marking the world’s largest initial public offering (IPO) year-to-date. The Chinese battery giant plans to use the proceeds to complete construction of a 40 GWh gigafactory in Hungary, set to begin production in 2025, as part of its broader strategy to scale its cell production footprint across Europe and other global markets.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"The listing could raise up to $5.3 billion if underwriters exercise an option to sell additional shares, though this still represents only a small fraction of CATL’s $170 billion market capitalization. A 2018 IPO in Shenzhen raised $851 million, which helped fund expansion efforts within China and solidify its position as the world’s leading battery manufacturer.",{"type":585,"attrs":586,"content":588},"heading",{"level":587,"textAlign":49},4,[589],{"text":590,"type":578},"CATL expands global footprint ",{"type":573,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":578},"CATL captured ~32% of global battery demand in 2024, according to Rho Motion’s Battery Demand Outlook Service, maintaining its market leading position across both the electric vehicle (EV) and battery energy storage system (BESS) sectors.",{"type":573,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":578},"The scale of its operations and vertically integrated supply chains has enabled CATL to achieve strong operating profit margins, even as rivals struggled last year amidst challenging market headwinds. In 2024, China accounted for ~70% of its revenues, but the battery giant is moving to strengthen its position abroad: 30% of its revenue were derived from ex-China markets last year, up from less than 4% in 2018, according to a recent stock exchange filing.",{"type":573,"attrs":602,"content":603},{"textAlign":49},[604],{"type":605,"attrs":606},"image",{"id":49,"alt":607,"src":608,"title":49,"source":49,"copyright":49,"meta_data":609},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXe-vt6NXTFNCaXKdXVSIww_r9XZA_LDAJQS39Cs2WvwSiINrWMGuFWEKTMN67-9FfhFLHRPH_R_6jIr6Ump6Jc_ynAlY0j_nBhiVpFQkmgmKXvs5zJhvH43WIja7tYaWrzr2d-Ebw?key=3vGz_0yu5bq_yitNdfANqQ",{},{"type":573,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":578},"Europe has become key to CATL’s global growth, with the battery maker ramping up local production to supply customers like BMW, Stellantis, and Volkswagen. Its European cell production capacity is expected to grow from 14 GWh in 2024 to 164 GWh by 2030, according to Benchmark’s Gigafactory Capacity Assessment. The company is also pursuing expansions in Indonesia (15 GWh) and the United States (20 GWh).",{"type":573,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":578},"Additionally, CATL is expanding into new technologies, with plans to begin mass production of next-generation sodium-ion batteries for passenger EVs starting December 2025.",{"type":621,"attrs":622},"blok",{"id":623,"body":624},"f29384e6-a88b-42ce-9288-7e1b8fbd4e71",[625],{"id":626,"_uid":627,"type":628,"_editable":629,"component":630,"fixed_height":607,"use_fixed_height":50,"fixed_height_mobile":607,"fixed_height_tablet":607},"23329526","i-7dceadfc-7a9c-4017-b396-305279154e6f","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-7dceadfc-7a9c-4017-b396-305279154e6f\", \"id\": \"\"}-->","ContentFlourish",{"type":573,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":578},"However, CATL’s global push does face headwinds. In January, the US Department of Defence added the company to a blacklist of Chinese firms allegedly linked to the Chinese military, potentially discouraging American businesses from engaging with CATL.",{"type":585,"attrs":637,"content":638},{"level":587,"textAlign":49},[639],{"text":640,"type":578},"Why are Chinese EV and Battery players targeting Hong Kong?",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":578},"As Chinese EV and battery manufacturers accelerate their globalisation strategies, the number of secondary listings in Hong Kong has been steadily increasing due to the exchange’s position as a gateway to international capital markets.",{"type":573,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":578},"Excluding CATL’s raise, over $9 billion has been secured by EV and lithium-ion battery technology players through Hong Kong IPOs since Q3 2024, according to Rho Motion’s Energy Transition Capital Tracker.",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"Moreover, amidst recent volatility in US equity markets, investors are increasingly manoeuvring to diversify their portfolios to reduce risk. This shift is benefiting Chinese technology leaders like CATL, who are tapping into capital inflows into Asian markets.","CATL raised $4.6 billion in a secondary listing in Hong Kong on May 20, marking the world’s largest initial public offering (IPO) year-to-date. The Chinese battery giant plans to use the proceeds to complete construction of a 40 GWh gigafactory in Hungary, set to begin production in 2025, as part of its broader strategy to […]",[658],{"slug":561,"name":562,"content":659},{"job_title":564,"image":660,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a7c98118-e87f-4d4c-b338-0b6289aa861c\", \"id\": \"\"}-->","article",[664],{"slug":665,"name":666},"batteries","Batteries","private",{"id":49,"alt":607,"name":607,"focus":607,"title":607,"source":607,"filename":669,"copyright":607,"fieldtype":670,"meta_data":671,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/56ced82eb3/bm-shutterstock-2533509499.jpg","asset",{"alt":607,"title":607,"source":607,"copyright":607},"May 21, 2025","21st May 2025",[],[],1780500932038]