Eve Energy, China’s fifth-largest producer of electric vehicle (EV) batteries, plans to raise fresh capital on the Hong Kong stock exchange, following the lead of its bigger rival Contemporary Amperex Technology (CATL) as international investors show a growing appetite for the country’s industrial gems. The Shenzhen-listed company said on Tuesday that its board had endorsed a fundraising plan aimed at bolstering its international expansion, but details about the share offering were still in the works. The flotation would “enhance the company’s capital strength, overall competitiveness and international brand awareness”, Eve Energy said in a filing to the Shenzhen Stock Exchange. The firm joined more than a dozen smart-mobility companies from mainland China aiming to raise funds in Hong Kong. The list includes car assemblers Chery Automobile and Seres Group, key component suppliers like Hesai, the world’s largest lidar sensor maker, and providers of autonomous-driving technology such as Pony.ai. The time frame for Eve Energy’s share sale would hinge on market conditions, said the company, which is based in Huizhou in China’s southern Guangdong province. CATL, the world’s largest EV battery maker, raised US$5.22 billion in its share listing last month, which was the world’s largest initial public offering (IPO) this year and vaulted Hong Kong to the top of the global IPO league table for the year. Since its trading debut on May 20, CATL’s Hong Kong shares have climbed 14 per cent to HK$299.60 on Tuesday. “Chinese-made EV batteries are in high demand in markets like Europe,” said Davis Zhang, a senior executive at Suzhou Hazardtex, a supplier of specialised batteries. “Leading players like CATL and Eve are welcomed by international investors as they plan to use the proceeds to invest outside China.” Eve Energy had a 2.7 per cent share of the global market in the first four months of 2025, according to Seoul-based consultancy SNE Research. CATL owned 38.8 per cent. Eve also lags domestic rivals BYD, CALB and Gotion. The company reported an underlying net profit of 3.2 billion yuan (US$445.6 million) in 2024, up 14.8 per cent from a year earlier. Revenue slipped 0.4 per cent to 48.6 billion yuan. Eve’s shares fell 2.8 per cent to 43.76 yuan on Tuesday, giving the company a market value of 89.5 billion yuan. At present, most Chinese-made EVs and components are sold on the mainland, while overseas sales represent just a small portion of the major players’ total revenue. Last year, EV sales in China represented more than 60 per cent of the total deliveries worldwide, according to the China Passenger Car Association. Bonnie Chan Yiting, CEO of bourse operator Hong Kong Exchanges and Clearing (HKEX), said after CATL’s debut that more than 150 candidates were in the city’s IPO pipeline. This week, three mainland firms – Switchbot (Shenzhen), Shenzhen Chuangzhi Semi-link Technology and Guangzhou Innogen Pharmaceutical Group – submitted listing applications to HKEX.