Eve Energy, China’s fifth-largest producer of electric vehicle (EV) batteries, plans to raise fresh capital on the Hong Kong stock exchange, following the lead of its bigger rival Contemporary Amperex Technology (CATL) as international investors show a growing appetite for the country’s industrial gems.
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The Shenzhen-listed company said on Tuesday that its board had endorsed a fundraising plan aimed at bolstering its international expansion, but details about the share offering were still in the works.
The flotation would “enhance the company’s capital strength, overall competitiveness and international brand awareness”, Eve Energy said in a filing to the Shenzhen Stock Exchange.
The firm joined more than a dozen smart-mobility companies from mainland China aiming to raise funds in Hong Kong. The list includes car assemblers Chery Automobile and Seres Group, key component suppliers like Hesai, the world’s largest lidar sensor maker, and providers of autonomous-driving technology such as Pony.ai.
The time frame for Eve Energy’s share sale would hinge on market conditions, said the company, which is based in Huizhou in China’s southern Guangdong province.
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CATL, the world’s largest EV battery maker, raised US$5.22 billion in its share listing last month, which was the world’s largest initial public offering (IPO) this year and vaulted Hong Kong to the top of the global IPO league table for the year.
Since its trading debut on May 20, CATL’s Hong Kong shares have climbed 14 per cent to HK$299.60 on Tuesday.