Chinese EV Battery Maker CALB Targets Top Three Rivals After IPO

Bloomberg2022-10-06

Chinese battery maker raised $1.3 billion in Hong Kong IPOCurrent market share is a fraction of leaders CATL, LG EnergyNewly Hong Kong-listed CALB Co. aims to become a top-three player in the electric...

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Comments

4West
2022-10-06
4West
Opportunity?
candyysk
2022-10-06
candyysk
Ok
- ADRIANLAI:
  ok
BossApal
2022-10-06
BossApal
More made in China products.
Simonnov
2022-10-06
Simonnov
Ic
- McGreedy:
  nice
- Rabbit63:
  [Happy]
LouisKangean
2022-10-06
LouisKangean
Ok
- Kevin92:
  Like
alod
2022-10-06
alod
Ok

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The offerraisedabout HK$10.1 billion ($1.3 billion), with the shares sold at the bottom of a marketed range that went as high as $51.“We want to reach top five in the global EV battery market in a year’s time, and be third within three-to-five years,” Liu said in an interview with Bloomberg Television.The company is currently building out production lines that will have a combined annual capacity of more than 200 gigawatt hours. “This increased battery capacity will place us among the top few globally,” said Liu, the only female CEO of a top 10 global battery maker.China Aviation Lithium Battery Technology Co., as its formally known, was formed in 2015 under Luoyang Co., a wholly owned unit of the China Airborne Missile Academy, which is part of state-owned aerospace and defense firm Aviation Industry Corp. of China Ltd.The lofty goals for the Xpeng Inc.supplier come with a need to pay for the expansion. Liu said going public was a “natural next step” in the high-growth sector.“Our IPO funds will be used for business expansion and R&D,” Liu said. “But our finances have been stable and we have sufficient capital for current needs.”CALB is projecting a “big” increase in domestic battery market share as it increases output, followed by “significant growth” from 2024 in overseas markets, she said.The company ranks seventh among global EV battery suppliers, according to SNE Research, but is dwarfed by larger Chinese rivalContemporary Amperex Technology Co. Ltd., followed by South Korea’s LG Energy Solution Ltd. andBYD Co., all whom have deep pockets and equally high ambitions to expand their market share.Market leader CATL has already unveiled around $20 billion worth of spending commitments this year on a slate of factories to be built at home, and as far away asHungaryand resource-richIndonesia.As the EV supply chain grapples with soaring costs of key battery materials like lithium and copper, CALB has seen through the worst of the industry-wide price shocks, Liu said. Margins have continued to grow, with first-quarter profit higher than a year earlier, and second quarter earnings higher than the first, she said.“We expect our profits to continue increasing in every subsequent quarter,” she said. “We’ll reduce supply chain costs through working with our upstream suppliers and battery recycling.”Even at asmaller sizethan initially expected, CALB is the third-largest IPO in Hong Kong this year, as mid-to-large sized deals return after a slow first half. Still, funds raised in the city are down about 75% since the start of January as rising interest rates roil markets and keep issuers on the sidelines.Half of the 18 companies that have listed in Hong Kong after offerings larger than $100 million this year ended their first session underwater. Five finished little changed and only four rose on day one.CALB’s debut comes one week after a disastrous first-day of trading for Chinese EV makerZhejiang Leapmotor Technology Co., which plunged 34%, after raising $800 million in an IPO that was priced at the bottom of the marketed range. 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