CATL has announced a sale of additional shares worth $5bn in Hong Kong, as the Chinese battery maker takes advantage of a surge in foreign investor interest in renewable energy stocks since the outbreak of war in Iran.
The world’s largest manufacturer of electric vehicle batteries said on Tuesday it would sell an additional 62.4mn shares for HK$626.92 (US$80) each, a roughly 10 per cent discount to the average closing price over the previous five trading days.
CATL’s stock price has surged 40 per cent since the US and Israel attacked Iran at the end of February, as investors bet a global oil shock will hasten demand for EVs and renewable energy.
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