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CX Weekly Briefing: CATL Charges Up IPO

Published: May. 9, 2025 8:14 p.m. GMT+8

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A rundown of the news making headlines in and around China over the past week:

CATL IPO: Contemporary Amperex Technology Co. Ltd. (CATL) (300750.SZ) is one step closer to its Hong Kong IPO after being waved through by the stock exchange’s listing committee. The world’s largest lithium-battery maker filed its post-listing hearing documents with the Hong Kong Stock Exchange on Tuesday. The firm said it plans to float as many as 220 million shares. It is targeting up to $5 billion, according to media reports. This would make it the city’s largest IPO in over four years. CATL has already begun gauging investor interest for its Hong Kong offering, market sources said. The pricing of shares relative to its mainland-listed stock is a key focus for buyers, with a 5% to 10% discount range considered acceptable, sources said. CATL currently trades on the Shenzhen Stock Exchange. The company plans to use part of the IPO proceeds to fund the construction of its battery factory in Hungary.

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CATL is nearing a $5 billion Hong Kong IPO, the city’s largest in four years, planning to float up to 220 million shares.
China’s April goods exports rose 8.1% year-on-year, but shipments to the U.S. dropped around 21%; imports dipped 0.2%.
China’s new critical minerals export controls triggered global shortages, with antimony prices up 115% since September; China supplies 69% of rare earths.

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Summary:

[para. 1] Over the past week, news highlights from China and its global engagements showcased significant economic, regulatory, and geopolitical developments.

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Who’s Who

Contemporary Amperex Technology Co. Ltd.: Contemporary Amperex Technology Co. Ltd. (CATL) is the world’s largest lithium-battery maker. The company is preparing for a Hong Kong IPO, having received approval from the stock exchange’s listing committee. CATL plans to issue up to 220 million shares, targeting up to $5 billion, making this Hong Kong’s biggest IPO in over four years. Proceeds will help fund a battery factory in Hungary. CATL is already listed on the Shenzhen Stock Exchange.

Xiaomi Corp.: Xiaomi Corp. is among several Chinese automakers rebranding their “smart driving” features as “assisted driving” following new regulations aimed at preventing misleading claims about autonomous driving technology. This change comes after a fatal crash involving a Xiaomi SU7 vehicle with its smart driving system engaged. The move is intended to clarify that their systems are not fully autonomous and require human control, in line with Level 2 driving automation standards.

Li Auto Inc.: Li Auto Inc. is among the Chinese automakers that have rebranded their “smart driving” features to “assisted driving” following new regulations. The regulatory change, prompted by a fatal crash involving a Xiaomi SU7, aims to prevent misleading claims about autonomous driving and improve road safety. Li Auto, along with companies like Xiaomi, XPeng, and Nio, adjusted their marketing terms as most current features are Level 2 assisted driving, which still require human control at all times.

XPeng Inc.: XPeng Inc. is among several Chinese automakers rebranding their “smart driving” features to “assisted driving” after a regulatory change by China’s Ministry of Industry and Information Technology. This move follows a fatal crash involving a Xiaomi SU7 using smart driving, and aims to curb misleading claims about autonomous driving capabilities and improve road safety. XPeng’s rebranding aligns with new requirements to clarify that current tech is for driver assistance, not full autonomy.

Nio Inc.: According to the article, Nio Inc. is among the Chinese automakers rebranding their “smart driving” features to “assisted driving” after a regulatory change. This move follows a fatal crash involving a Xiaomi vehicle using such features, prompting authorities to crack down on misleading autonomous driving claims. Nio and other firms are amending their marketing terms to clarify that their technology requires driver supervision and is not fully autonomous.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd. has continued to use the term “advanced intelligent driving system” for its automotive technologies, but clarified that its product is intended only for “assisted driving, not autonomous driving.” This follows a regulatory change in China requiring automakers to avoid misleading terminology about autonomous driving capabilities, prompting many firms to rebrand their features for improved road safety and regulatory compliance.

Uber Technologies Inc.: Uber Technologies Inc. is expanding its global robotaxi services by partnering with Chinese autonomous driving startups like WeRide, Pony.ai, and Momenta.ai. Together, they plan to deploy robotaxis in up to 15 cities worldwide over the next five years, starting in the Middle East and Europe. Uber previously developed its own self-driving technology but shifted to a partnership model after 2020, leveraging Chinese expertise to grow its autonomous vehicle offerings.

WeRide Inc.: WeRide Inc. is a Chinese autonomous driving startup partnering with Uber Technologies Inc. to expand robotaxi operations globally. Together, they currently operate in Abu Dhabi and Dubai and plan to expand to 15 cities worldwide in the next five years. This is part of Uber’s broader strategy of collaborating with Chinese autonomous driving firms to deploy robotaxis outside their home markets.

Pony.ai: Pony.ai is a Chinese autonomous driving startup mentioned in the article for its partnership with Uber Technologies Inc. The two companies announced plans for Pony.ai to connect its robotaxi fleet to Uber’s platform in the second half of 2025, aiming to debut their service in the Middle East market. This collaboration is part of Uber's broader strategy to expand global robotaxi offerings through partnerships with Chinese autonomous driving firms.

Momenta.ai: Momenta.ai is a Chinese autonomous driving startup that recently signed a deal with Uber to deploy robotaxis outside their home markets. They plan to launch their robotaxi service in Europe early next year, as part of Uber’s broader global expansion of autonomous ride-hailing through partnerships with Chinese firms.

Wistron Corp.: Wistron Corp., a Taiwanese AI server manufacturer, announced plans to invest an additional $455 million in its U.S. subsidiary, bringing total investment there to $500 million. The funds will be used for land, machinery, and renovations. Wistron is also expanding in Mexico, leasing and renovating factories. These moves reflect a strategic shift to nearshoring production for clients amid shifting supply chains and U.S. tariffs.

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