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CATL plans to raise RMB 13.12 billion through IPO

Mary From Gasgoo| November 13,2017

,CATL IPO, CATL BYD, CATL market value

Shanghai (Gasgoo)- On November 10, China Securities Regulatory Commission (CSRC) website released the Initial Public Offering prospectus of Contemporary Amperex Technology Co. Ltd. (CATL). The battery maker plans to list on the Growth Enterprise Market (GEM) and raise RMB 13.12 billion to expand its output capacity and develop next-generation battery.

The prospectus says that CATL wants to publicly issue 217,243,733 RMB common shares, which accounts for no less than 10 percent of its capitalization after the offering. In other words, the company’s market value at that time will be around RMB 130 billion, which will be higher than that of most Chinese carmakers. Only SAIC (RMB 347.23 billion), GAC (RMB 167.46 billion) and Geely (RMB 140.38 billion) will be higher than CATL in market value while BYD will be at the same level as the battery maker.

According to the company, the money raised will be mainly invested in two projects. The first one is CATL’s power battery manufacturing base in Huxi. With a proposed investment of RMB 9.86 billion, the base will cover 385 mu (about 256,667 square meters) to produce power battery cell, module and pack. Boasting 24 production lines, the base is expected to have an annual capacity of 24 GWH.

The other one is the research project on power and storage battery. It will focus on developing new energy passenger vehicle power battery, new energy commercial vehicle power battery, energy storage battery and next-generation battery.

In the prospectus, the company reveals that in the past three year, the company posted rapid growth in operation revenue, net profit and asset size. The respective operation revenue of the past three years was RMB 867 million, RMB 5.703 billion and RMB 14.879 billion and the compound annual growth rate was up to 314.31 percent. Its net profit increased to RMB 3.89 billion in 2016 from RMB 56 million in 2014 and the compound annual growth rate reached 642.7 percent.

In 2015 and 2016, CATL’s sales in power battery system were 2.19 GWh and 6.8 GWh. With a good momentum of development, the company was among the TOP 3 players in the global power battery industry for two consecutive years. In the first half of this year, the company ranked first in domestic market.

Although the company has a history of only 6 years, it has formed long-term strategic cooperation relationships with many Chinese carmakers such as SAIC, BAIC, Geely, Dongfeng and Changan. What’s more, CATL managed to gain access to the supply chain of global carmakers, like BMW and VW.

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