Battery giant plans $2b public float
Battery giant Contemporary Amperex Technology Co Ltd is planning a $2 billion initial public offering in Shenzhen, aiming to boost its financial muscle amid a global battle for a share of the country’s fast-growing electric car market. The Ningde-based firm, founded in 2011, has grown rapidly on the back of strong government support and a push by Beijing to shift the world’s largest auto market towards greener electric and hybrid plug-in vehicles. CATL said in a prospectus that it planned to raise 13.1 billion yuan ($1.97 billion) through an initial public offering of 217 million new shares. rolled out in Sydney on Tuesday, the latest company to offer the alternative mode of transport for Australian commuters facing high-density development. The Beijingbased company will initially put 500 bikes on the city’s roads, where users will be able to activate the vehicles with their mobile devices and ride them for free with a A$1 deposit in November. Speaking at the launch event, Mobike Australia General Manager Mina Nada said the rollout will be at the city’s Green Square area, where many commuters face packed buses and trains. Department showed on Monday. The deficit was larger than the $45.8 billion in October 2016. The Treasury Department said that the wider deficit was due to increases in spending for veterans’ benefits, Medicare payments and military active duty and retirement. The government outlays in October rose to $298.6 billion from $267.5 billion in the same month of last year. Revenues grew to $235.3 billion from $221.7 billion a year earlier.