China approves IPO application of leading battery maker CATL

0 Comment(s)Print E-mail Xinhua, April 5, 2018
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China's securities regulator has approved the IPO application of lithium battery producer CATL, a supplier of batteries for many new energy vehicles.

The China Securities Regulatory Commission (CSRC) greenlighted the application at a meeting Wednesday, according to the CSRC website.

The approval came less than a month after CATL updated its prospectus as the CSRC is encouraging new listings by "unicorn companies," startups valued at more than 1 billion U.S. dollars.

CATL, headquartered in east China's Fujian Province, is a supplier to domestic carmakers such as SAIC and Geely, and has agreements with international brands such as BMW and Volkswagen.

The company's net profit attributable to shareholders last year stood at about 4 billion yuan (630 million dollars). The company was valued at about 100 billion yuan by a Hurun report in 2017.

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