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CATL Targets Less Than 10% Discount for $5B Hong Kong Listing, Eyes Anchor Investors

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Contemporary Amperex Technology Co. Ltd. (CATL) is expected to offer less than a 10% discount on its upcoming $5 billion Hong Kong share offering, according to sources familiar with the matter. The move would mark the largest Hong Kong listing in four years, as the world’s leading EV battery maker courts investors ahead of next week’s book-building process.

According to three sources, the discount to CATL’s Shenzhen-listed shares (300750.SZ) could land in the mid-single-digit range, with two sources saying the company hopes to avoid steep markdowns seen in recent offshore Chinese listings. However, some investors are pushing for a discount of at least 10%, one source noted.

CATL plans to allocate around half of the offering to cornerstone and anchor investors, reflecting a strategy used in major listings to stabilize pricing and demand. Final pricing has not yet been confirmed.

Background and Market Context:

  • CATL shares in Shenzhen rose 3% on Wednesday to 238.61 yuan, though the stock remains down 10.3% year-to-date.

  • Historically, Hong Kong shares are priced at a discount to their mainland counterparts, often 20–30% or more.

  • For comparison, Midea Group priced its $4 billion Hong Kong offering last year with a ~20% discount.

  • Other major listings like China Tourism Group Duty Free and S.F. Holding saw discounts as high as 28%–37% during their bookbuilds.

Despite aiming for a tighter discount, CATL’s strong fundamentals and dominant 38% global battery market share—up from 36% in 2023—may support investor appetite. The company serves high-profile clients including Tesla, Stellantis, and NIO, and has grown rapidly in the energy storage systems segment.

CATL reported a 32.9% rise in Q1 2025 net profit, reaching 14 billion yuan ($1.91 billion), marking its fastest growth in nearly two years.

Proceeds from the Hong Kong listing will help fund CATL’s 7.3 billion euro ($8.28 billion) battery plant in Hungary, furthering its global manufacturing footprint.

If completed, the deal would be the biggest in Hong Kong since Kuaishou Technology’s $6.2 billion IPO in 2021.

Scientists Develop Eco-Friendly Polymers for CO2 Capture and Enhanced Energy Technology

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Researchers at Tohoku University have made a significant breakthrough in the synthesis of highly pure porous organic polymers (POPs) that could play a crucial role in combating climate change. These advanced polymers, due to their high porosity, have an exceptional ability to absorb carbon dioxide, making them ideal candidates for applications in reducing greenhouse gas emissions. The new synthesis method developed by the team overcomes previous challenges associated with metal impurities, offering cleaner and more efficient polymers for use in various environmental and energy-related technologies.

The traditional methods of synthesizing POPs involved oxidation reactions with metal salts or the use of organometallic catalysts in coupling reactions. These processes often left behind unwanted metal impurities that could block the polymers’ pores, decreasing their efficiency in capturing gases like CO₂. However, the research team at Tohoku University introduced a novel approach using iodine as an oxidant. This allowed them to completely remove impurities during the synthesis process, enhancing the overall purity and porosity of the polymers. The result is a highly efficient material with an exceptionally high specific surface area, far surpassing that of previously reported POPs.

In their study, published in Small, the researchers also highlighted the unique properties of the newly synthesized polytriphenylamine-based POPs. These materials not only show improved CO₂ adsorption capabilities but also exhibit proton conductivity and a unique gas adsorption mechanism known as the “gate-opening” phenomenon. This means the polymers could potentially be used in advanced energy solutions, such as fuel cells, where efficient gas separation and energy storage are critical. Additionally, these polymers could function as high-performance adsorbents in capturing pollutants from various industrial processes.

Kouki Oka, one of the lead researchers from Tohoku University, emphasized that the reduction in impurities directly enhanced the polymers’ porosity, which, in turn, significantly improved their ability to absorb CO₂. These advancements open the door to a wide range of applications in energy technology and environmental protection. With the potential to revolutionize gas separation techniques and contribute to cleaner energy solutions, these new polymers could become a key player in the global effort to reduce carbon emissions and develop sustainable technologies for the future.

CATL Reports Slowest Profit Growth in Six Years Amid Price War in China’s EV Market

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Contemporary Amperex Technology Co. Ltd. (CATL), China’s leading electric vehicle (EV) battery manufacturer, has reported a 15% increase in net profit for 2024, marking its slowest growth in six years. The company’s net profit reached 50.7 billion yuan ($7.01 billion), falling short of its projected growth range of 11.1%-20.1%. Meanwhile, revenue decreased by 9.7%, marking its first revenue decline since it began releasing operating figures in 2015.

CATL attributed the revenue drop to declining battery prices prompted by a price war in China’s EV market, which pressured EV makers to reduce component costs. Despite rising sales volumes, lower prices of raw materials like lithium carbonate resulted in a fall in operating income.

For the fourth quarter, CATL reported a 13.6% increase in net profit to 14.7 billion yuan, down from the 26% growth seen in the previous quarter. Revenue for Q4 shrank by 3.1% to 103 billion yuan, marking the fifth consecutive quarterly decline.

The price war in China’s EV market has forced CATL to adjust its battery prices to defend market share. However, the company benefitted from a 17.6% reduction in the cost of its power battery business, outpacing an 11.3% drop in revenue from this segment.

Globally, CATL solidified its position as the dominant player in the EV battery market, extending its market share to 38% in 2024, up from 36% in 2023, according to SNE Research. BYD followed with 15%, while LGES saw its share fall to 10% from 13%.

CATL experienced faster growth in the energy storage system battery market, which accounted for 22.4% of total shipments, up from 19.4% in 2023. The company has also expanded beyond batteries, unveiling a new EV chassis in December and seeking to enter the power grid sector.

Additionally, CATL is investing internationally, with a 7.3 billion euro battery plant in Hungary to supply automakers such as Mercedes-Benz and BMW, along with a jointly-owned battery plant with Stellantis in Spain. The company is also pursuing a listing in Hong Kong to raise funds for its Hungarian plant, aiming to secure at least $5 billion.