CONTEMPORARY Amperex Technology Co., the world’s biggest maker of batteries for electric cars, is seeking to raise at least US$5 billion via a global depositary receipt (GDR) sale in Switzerland, according to a source familiar with the matter.

The Shenzhen-listed giant has held discussions with potential advisers for the planned listing, which could happen as soon as this year, said the source.

Deliberations are ongoing and details of the GDR sale could still change, the source said. Representatives for CATL, as the company is commonly known, declined to comment.

CATL would be joining other Chinese companies in tapping the European market as lingering geopolitical risks and regulatory woes reduce the appeal of other offshore markets like the United States.

At US$5 billion, the GDR would be the biggest such issuance by a Chinese company.

CATL accounts for the largest share of the global electric-vehicle battery market, according to data from Seoul-based SNE Research. It sold a total of 165.7 gigawatt-hours of batteries in the January-November period in 2022, almost three times as much as second-placed BYD Co., a Shenzhen-based automaker that also manufactures batteries.

CATL’s market share was about 35% in the first 10 months of last year. The Fujian-based company supplies carmakers including Volkswagen AG, Geely Automobile Holdings Ltd., Nissan Motor Co. and Tesla Inc., which delivered fewerelectric cars than expected last quarter, despite offering some price cuts. (SD-Agencies)