Bat­tery giant plans $2b pub­lic float

China Daily (Hong Kong) - - BUSINESS -

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.

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