CATL, China's largest maker of batteries for electric vehicles, announced plans to list in Hong Kong late Thursday.

CATL, which has been listed in Shenzhen in June 2018, said it intends to issue overseas-listed shares and apply for listing on the main board of the Hong Kong Stock Exchange.

CATL said the move is to further promote the company's globalization strategy layout, build an international capital operation platform and improve its overall competitiveness.

The company said in an announcement that it will take into full consideration the interests of its existing shareholders and the domestic and international capital markets, and choose an appropriate timing and issuance window to complete the offering and listing.

According to CATL, it is offering no more than 5% of the total share capital of the company after the issue and has an over-allotment option of up to 15% of the number of Hong Kong shares to be issued.

CATL's board of directors has decided to hold an extraordinary general meeting on January 17, 2025 to consider matters including the proposal to issue H shares and list them in Hong Kong and the plan for the use of the proceeds.

Last week Bloomberg reported that CATL was considering a second listing in Hong Kong that could raise at least $5 billion.

CATL's announcement did not disclose the amount of funds raised for its second listing in Hong Kong.

The industry believes that CATL went to Hong Kong to list not because of a lack of money. The latest financial report showed that as of September 30, 2024, the company had 264.676 billion yuan in money funds on its books and 234.954 billion yuan in cash and cash equivalents.

In early December, CATL also released a special dividend program for 2024, taking out 5.4 billion yuan for dividends.