NAME: CATL's HK$35.7 billion Hong Kong secondary listing
LAW FIRMS: CM Law Firm, Llinks Law Offices, Kirkland & Ellis, Linklaters
JURISDICTIONS: China, Hong Kong
PRACTICE AREAS: Capital markets
INDUSTRY SECTOR: Industrial and manufacturing
Contemporary Amperex Technology Co's (CATL) HK$35.7 billion ($4.6 billion) Hong Kong secondary listing is our deal of the month for June.
CATL, China's leading lithium battery manufacturer, has completed its secondary listing on the Hong Kong Stock Exchange (HKEX), marking the city's largest IPO by proceeds in four years. The listing, which debuted at HK$296 per share, attracted 23 cornerstone investors including Sinopec, Kuwait Investment Authority, Hillhouse Capital, Orchid Asia and Boyu Capital, securing $2.6 billion in combined commitments.
The proceeds will primarily fund the construction of a €7.3 billion battery manufacturing base in Debrecen, Hungary, furthering CATL's international expansion strategy. The company, which has dominated global power battery sales for eight consecutive years, reported 2024 revenue of Rmb362 billion with net profit rising 15% year-on-year to Rmb50.7 billion.
Kirkland & Ellis, led by partner Mengyu Lu, advised CATL on Hong Kong and US laws, while Llinks Law Offices handled PRC law matters with a team led by partners Zhen Chen, Zhengyi Zhang and Ruosi Cai.
Linklaters, led by partners Christine Xu and Lipton Li, represented the underwriters on Hong Kong and US law, while CM Law Firm, under managing partner Xiaoliang Wu and partner Wei Wei, advised on PRC legal matters.