The company could raise US$400 million (RM1.78 billion) to US$500 million in the share sale, the people said, asking not to be identified because the information isn’t public. Details of the potential offering are still under discussion, they added.

CNGR said on Tuesday that it planned to list in Hong Kong to promote its international development. Its filing to the Shenzhen bourse didn’t provide details about the offering. Representatives for CNGR and Morgan Stanley declined to comment. Huatai didn’t have an immediate comment.

The supplier to companies including Tesla Inc, Samsung SDI Co, Ltd, LG Chem Ltd. and Contemporary Amperex Technology Co, Ltd. joins a wave of mainland China-listed firms seeking to sell shares in Hong Kong after authorities limited the possibility onshore. CNGR listed in Shenzhen in December 2020.

CATL, the world’s biggest electric-vehicle (EV) battery maker, on Tuesday filed for its blockbuster Hong Kong listing, which could raise more than US$5 billion. More than 100 companies are lining up to sell shares in Hong Kong this year, the Shanghai Securities News has reported.

Industries linked to the global energy transition are being buffeted by uncertainties on multiple fronts, including a shift in demand for EVs, rumbling trade tensions and changes in US energy policy. In a sign of pressures on the sector, CNGR and South Korea’s Posco Holdings Inc are scrapping a plan to build a nickel refinery, citing changes in the EV market.

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