New energy battery giant to raise $834m from Shenzhen IPO

Contemporary Amperex Technology Ltd, the world's biggest electric vehicle battery producer by sales, said it will start the subscription period for its shares on Wednesday, in a bid to raise 5.35 billion yuan ($834 million) for further expansion.

CATL's IPO would be the largest-ever fundraising on the Shenzhen Stock Exchange's Growth Enterprise Market. Regulators approved its application within only 24 days - a record.

The Fujian province-based company plans to sell a 10 percent stake at 25.14 yuan a share, according to its latest prospectus. The new funding target is 59 percent lower than the previous goal of 13.12 billion yuan the company stated late last year.