Investing.com-- Contemporary Amperex Technology Co Ltd (SZ:300750) (CATL), the world’s leading electric vehicle battery manufacturer, is set to raise approximately $4 billion in its Hong Kong stock initial public offering (IPO), the company said in an exchange filing on Monday.
The company plans to issue 117.9 million shares at a maximum price of HK$263 each, with trading expected to commence on May 20, the company said.
The offering has attracted significant attention, securing about $2.6 billion from over 20 cornerstone investors, including Sinopec (OTC:SHIIY) and the Kuwait Investment Authority, the company said in its IPO prospectus.
CATL is one of Tesla’s (NASDAQ:TSLA) biggest battery suppliers.
Proceeds from the listing are earmarked primarily for CATL’s expansion projects, including the construction of a battery plant in Hungary.
This comes amid ongoing trade tensions between the U.S. and China, with CATL’s inclusion on a U.S. Defense Department list alleging Chinese military ties, a designation the company has rejected.