CALB files for listing in Hong Kong as it looks to challenge CATL for its dominance in the battery industry.
As one of China's largest lithium battery manufacturers, China Aviation Lithium Battery Co., Ltd (CALB) has filed for IPO. The manufacturer plans to raise USD 1.5 billion through a Hong Kong listing. This filing could be Hong Kong's largest IPO in 2022.
The company said it wants to use the money to double manufacturing capacity over the next twelve months to 55 GWh, as well as for research and development. CALB's valuation has reached CNY 63 billion, and is the only top tier lithium battery manufacturer in China that hasn't gone public yet.
CALB was established in 2007, mainly engaged in the production of lithium iron phosphate batteries. In 2017, with the rise of the new energy vehicle market, the demand for batteries shifted to the field of ternary lithium batteries. Following the market trend, CALB transformed into a new energy power battery manufacturer. CALB is currently engaged in the research and development and production of new energy power batteries and power supply systems. Its main products include power supply for passenger cars, power supply for sanitation vehicles, power supply for buses, etc.