HONG KONG : Chinese battery giant CATL's plan to raise at least $5 billion in Swiss global depository receipts (GDR) has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said.The world's largest battery maker, formally
HONG KONG : Chinese battery giant CATL's plan to raise at least $5 billion in Swiss global depository receipts has been delayed as Beijing regulators raise concerns over the large scale of the offering, three people with direct knowledge of the matter said.
In a response to a presentation by CATL's chairman Robin Zeng on the sidelines of China's annual parliament meeting last week, Xi was quoted by official media as saying that he was"both happy and worried" - glad about CATL's industry-leading position, but concerned about the risks as the company expands rapidly overseas and moves to undercut domestic rivals.
In early February, sources said CATL aimed to go ahead with the listing as early as May. There is no new timetable for the deal to proceed, according to the sources, who said they could not be named as they were discussing private information.CATL did not respond to a request for comment.The sources said the Chinese regulator has concerns over the vast scale of CATL's GDR offering.
The private placement was the biggest equity capital market transaction in China last year and the second largest follow-on deal globally in 2020, according to Dealogic data.
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