China’s CATL, world’s biggest maker of electric-car batteries, weighs US$5 billion Swiss GDR sale

Contemporary Amperex Technology Limited (CATL), the world’s biggest maker of batteries for electric cars, is seeking to raise at least US$5 billion via a global depositary receipt (GDR) sale in Switzerland, according to a person familiar with the matter.

The Chinese giant has held discussions with potential advisers for the planned listing, which could happen as soon as this year, said the person, who asked not to be identified as the information is private.

Deliberations are ongoing, and details of the GDR sale could still change, the people said. IFR first reported the Swiss listing plans. Representatives for CATL, as the company is commonly known, declined to comment.

CATL would be joining other Chinese companies in tapping the European market as lingering geopolitical risks and regulatory woes reduce the appeal of other offshore markets like the US. At US$5 billion, the GDR would be the biggest such issuance by a Chinese company, according to data compiled by Bloomberg.

Workers check products at Contemporary Amperex Technology in Ningde, southeast China’s Fujian Province, on September 11, 2019. Photo: Xinhua

Workers check products at Contemporary Amperex Technology in Ningde, southeast China’s Fujian Province, on September 11, 2019. Photo: Xinhua

CATL accounts for the largest share of the global electric-vehicle battery market, according to data from Seoul-based SNE Research. It sold a total of 165.7 gigawatt-hours of batteries in the January to November 2022 period, almost three times as much as second-placed BYD, a Chinese carmaker that also manufactures batteries.

South China Morning Post

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