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.