Kirkland & Ellis and Llinks Law Offices are advising Chinese EV battery giant Contemporary Amperex Technology (CATL) on its proposed initial public offering (IPO) on the Hong Kong Stock Exchange, with Linklaters and CM Law Firm advising the underwriters.

According to Reuters, CATL is expected to raise $5 billion from the offering, making it Hong Kong’s largest IPO since Kuaishou Technology raised $5.4 billion in January 2021.

The joint sponsors of the IPO are BofA Securities, CICC, China Securities International, and J.P. Morgan.

The Kirkland team was led by Asia capital markets partner Mengyu Lu. 

Headquartered in Ningde, Fujian province, CATL holds a 37 percent share of the global EV battery market, making it the world’s largest producer of EV batteries.

According to the South China Morning Post, CATL stated that the proceeds from its proposed IPO would be used to support its global expansion, a move that is expected to further strengthen China’s dominance in the EV supply chain.