BEIJING, Dec. 27 (Xinhua) -- Contemporary Amperex Technology Co., Ltd. (CATL), China's leading battery maker, has announced plans for a secondary listing in Hong Kong to fund global expansion.

CATL plans to issue H-shares and seek a listing on the main board of the Stock Exchange of Hong Kong Limited, the company said in a filing to the Shenzhen Stock Exchange late Thursday, adding its board approved the plan on Thursday. CATL went public on the Shenzhen Stock Exchange with an initial public offering in 2018.

The number of H-shares to be issued will not exceed 5 percent of the total share capital of the company after the issuance, but before the exercise of the over-allotment option, it said. The over-allotment option will not exceed 15 percent of the number of H-shares to be issued, as described above.

CATL said with the listing, it aims to further promote its global strategic layout, build an international capital operation platform and boost its overall competitiveness.

The proceeds from the listing will be used to further expand international business, promote the construction of overseas projects and replenish overseas working capital, according to the statement.

The Hong Kong listing "will significantly boost our global business expansion and the building of overseas battery plants, including our battery plant in Hungary and the joint venture with Stellantis in Spain, enabling us to better meet the demand of the market and our customers," according to CATL.

Eying great potential in the overseas market, CATL said that it is crucial for new energy battery manufacturers to capitalize on the market opportunities that will be generated by vehicle electrification in Europe and North America over the next five to six years.

The listing is still subject to approvals by a general meeting of shareholders scheduled in mid-January next year and also by regulators including the China Securities Regulatory Commission.

The listing will be launched within 18 months or another agreed extended period after the plan is approved by the shareholders' meeting, CATL said.

Other details regarding the listing are yet to be finalized, it added.

Driven by China's electric vehicle boom over the past years, CATL has seen strong business growth and risen to be the world's largest electric vehicle battery producer.

According to market research firm SNE Research, CATL's electric vehicle battery usage volume has ranked first globally for seven consecutive years, holding 36.8 percent of the global EV battery market share in 2023.

Headquartered in Ningde, east China's Fujian Province, CATL has established 14 battery manufacturing bases worldwide, with one plant each in Germany, Hungary and Indonesia.