Hong Kong, 6 October 2022 (TDI): China Aviation Lithium Battery (CALB) aims to become one of the world’s three biggest suppliers of electric cars in the next five years. The company raised $1.28 billion in its initial public offering (IPO), the largest in Hong Kong in 2022.
CALB aims for aggressive growth
According to the company’s chairwoman and CEO Liu Jingyu, using funds CALB has raised from its Hong Kong initial public offering (IPO) to expand “aggressively” and upgrade its technology.
The initial public offering (IPO) of CALB, which sold 8 percent of the company, raised HK$10.1bn (US$1.3bn) after pricing at the bottom of its range, with a pre-IPO valuation at Rmb70bn ($9.8bn).
Moreover, the Jiangsu-based company raised US$1.28 billion in its Hong Kong IPO. It also aims to achieve the top three global rankings within five years.
The company’s Chief executive said that we have accumulated technologies to improve the energy density, reliability, and stability of batteries. Our cutting-edge technologies have paved the way for further innovations in making higher-quality battery cells.
China’s biggest electric vehicle battery producers just recently staged a weak debut on Hong Kong’s stock market. However, CALB shares fell as much as 2.2 percent on Monday, marking the latest disappointing first day of trading for a mainland Chinese company in Hong Kong.
In addition, the demand for CALB shares was considered weak despite their batteries being a hot sector globally. Investors also remain cautious about buying into new share sales when equities markets remain so weak.
CALB is a Chinese high-tech enterprise specializing in the production, sales, and market application development of lithium batteries & battery materials.
The company aims to increase and expand the production capacity to 500GWh+ by 2025. By aiming for this target, it wants to meet market changes and customer demand.
The high-tech enterprise has established eight major production bases in Changzhou, Luoyang, Xiamen, Wuhan, Chengdu, Hefei, Guangzhou, and Jiangmen.