Summer Zhen and Selena Li

Based on three direct knowledge of the matter, the stock could be sold at less than 10% off with the stock maker's Shenzhen shares, which could be sold at less than 10%.

Two of the sources added discounts that could be the middle digits.

CATL's auto client clients include Tesla and Stralandis, who is meeting investors and will be the biggest new stock sales in Hong Kong in four years before launching the book building for the deal next week.

Investors are pushing CATL to price Hong Kong stocks at least below those traded in Shenzhen, one source and a fourth person told Reuters.

Sources said the pricing has not been completed.

CATL wants Cornerstone and Anchor Investors to subscribe for about half of the shares sold in the deal.

Sources cannot be named for discussion of undisclosed information.

CATL did not respond to Reuters' request for comment.

CATL stock traded 3.0% on Wednesday at 238.61 yuan. However, stocks fell 10.3% this year. China's CSI300 index rose 0.6% on Wednesday.

Compared with mainland stocks, Hong Kong stocks are usually traded at a discounted price. Typically, stocks are offered to investors at a cheaper price on such offshore lists to gain momentum to invest in stock products.

Midea Group set its shares at about 20% of Hong Kong stock when it raised $4 billion in its listing last September.

Since 2022, China Tourism Group’s duty-free and SF Holding have ranged from 28% to 37% in study since 2022.

The listing of CATL will be the largest list in Hong Kong since 2021, when Kuaishou Technology raised $6.2 billion in its initial public offering.

The battery maker had previously stated in regulatory filings that part of the funds raised would be used to build a 7.3 billion euro ($8.28 billion) battery plant in Hungary.

CATL's net profit in the first three months of 2025 increased by 32.9% year-on-year to RMB 14 billion (US$1.91 billion), the fastest pace in nearly two years.

According to SNE Research, it has a 38% share of the world since 2024 and a 38% share worldwide. This is powered by CATL, which is due to the data on CATL's growth in cargo for energy storage systems and its wide range of customers in the automotive industry, according to SNE Research.