Jan 10, 2022 - 05:12 pm

CALB plans to hit the stock market

The Chinese battery manufacturer CALB (China Lithium Battery Technology) is planning its IPO in Hong Kong. In doing so, CALB wants to raise about one billion US dollars – currently about 880 million euros – to finance further growth.

The company has already applied for an overseas initial public offering of shares on 29 December 2021, according to the China Securities Regulatory Commission (CSRC). CALB was the first Chinese company to apply for an IPO in Hong Kong, according to local media – the CSRC had only published a draft regulation on foreign issuance and listing of securities by local companies at the end of December.

Once the CSRC approves the application, CALB can file a prospectus with the Hong Kong Stock Exchange. So far, only the targeted capital raising of 7.8 billion Hong Kong dollars – the equivalent of those 880 million euros or one billion US dollars – is known. There are no details yet on the time frame of the IPO.

CALB had announced a few months ago that it would expand its production capacities to 300 GWh by 2025, later increasing this figure to 500 GWh by 2025 and 1,000 GWh by 2030. In addition, CALB is also planning a factory in Europe. CALB is currently the third-largest Chinese battery manufacturer. According to the China Automotive Battery Innovation Alliance, CALB had an installed production capacity of 1.09 GWh by the end of November, which means a market share of 5.2 per cent behind CATL (55 per cent) and BYD (16.6 per cent).

cnevpost.com

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Found on electrive.com
https://www.electrive.com/2022/01/10/calb-plans-to-hit-the-stock-market/
10.01.2022 17:59