GreenergyDaily

May. 6, 2025

1. JPMorgan Chase & Co. and Bank of America Corp. have forged ahead working on the blockbuster listing of Contemporary Amperex Technology Co. Ltd. despite a US congressional committee calling for the American lenders to drop out of the deal.

2. A post-listing-hearing document dated Tuesday and terms of the deal seen by Bloomberg News named the two US banks as joint sponsors, alongside China International Capital Corp. and China Securities International.

3. By going ahead, the banks are readying what could be Hong Kong's biggest listing since 2021, after having jostled for deal fees and a big boost to their highly coveted league rankings. CATL, which could fetch $5 billion in the share sale, just started gauging investor interest for a listing as early as this month.

4. "Global banks probably need CATL more than CATL needs them," said Han Shen Lin, China country director at the Asia Group, an advisory firm. "Times are tough for global banks covering China, and all evidence points to the situation getting tougher."

5. In its April letters to the chief executive officers of the two banks, the House Select Committee on the Chinese Communist Party highlighted the inclusion of CATL on a Pentagon blacklist in January, alleging links to the Chinese military.