SYDNEY: Chinese battery giant CATL plans to file a Hong Kong listing application this week to raise at least US$5 billion, according to two sources with direct knowledge of the matter.

The filing could come on Tuesday or Wednesday, added the sources, who could not be identified discussing confidential information.

CATL did not immediately respond to a request for comment from Reuters.

A listing of the Shenzhen-listed firm, the largest battery maker in the world, would be the largest listing in Hong Kong in four years, according to Dealogic data. At US$5 billion, it would be the biggest listing since Kuaishou Technology’s 2021 initial public offering that raised US$6.2 billion, the data showed.

The city’s equity capital markets have languished in the past three years as a result of Chinese regulators slowing down the approval process and volatile global financial markets.

CATL’s planned float in the Chinese offshore market comes amid rising geopolitical tensions as the US in January added Chinese tech companies including CATL and Tencent Holdings to a list of firms it says work with China’s military.

CATL’s Hong Kong listing plan also comes as the city sees increased interest for second listings from Chinese A-share companies, which are seeking to tap into overseas liquidity.

CATL has a market capitalisation of 1.4 trillion yuan (US$191.56 billion) and its Shenzhen shares are trading about 61 per cent higher over the past year.