BEIJING (Reuters) – Chinese battery maker CATL (300750.SZ) on Thursday that it plans to seek a listing in Hong Kong, a Shenzhen Stock Exchange filing showed.
CATL plans to issue H shares offshore and apply for a listing on the main board of the Hong Kong Stock Exchange, it said in the filing.
CATL's board has approved the plan, but the proposal is awaiting approval from regulators, including the China Securities Regulatory Commission, the company said.
Other details of the plan are yet to be finalised, he added.
The move is aimed at “further promoting the company's global strategic plan” and improving its competitiveness, he said.
CATL, the world's top battery maker, has a global market share of around 37% in electric vehicle batteries, according to battery market tracker SNE Research.
The company has been weathering the impact of an ongoing price war in China's EV sector, with an increase in third-quarter profit growth.
(Reporting by Ethan Wang, Yukun Zhang, Zhang Yan and Brenda Goh; Editing by Louise Heavens)