CATL Raises $5 Billion in Hong Kong Share Placement

Contemporary Amperex Technology Co. Ltd., known as CATL and the world's largest maker of batteries for electric vehicles and energy storage, raised about $5 billion through a share placement on the Hong Kong Stock Exchange, pricing the deal at the low end of its marketed range.

The Chinese company sold 62.4 million Hong Kong-traded shares at HK$628.20 each, according to a filing Tuesday. That price reflected a 7 percent discount to Monday's closing price of HK$675.50. The offering drew orders from more than 150 investors, including hedge funds, sovereign wealth funds and existing shareholders, people familiar with the matter said. Bank of America Corp., China International Capital Corp., JPMorgan Chase & Co. and Morgan Stanley acted as joint bookrunners. CATL's Hong Kong shares fell as much as 9.2 percent Tuesday to HK$613.50.

The placement marks Hong Kong's largest equity offering this year and follows a busy period of deals, with the value of initial public offerings, placements and block trades reaching $31 billion so far in 2026, up 73 percent from a year earlier, according to data compiled by Bloomberg.

CATL plans to use the proceeds for global capacity expansion, including...