Contemporary Amperex Technology Limited (CATL), the world’s biggest maker of batteries for electric cars, is seeking to raise at least US$5 billion via a global depositary receipt (GDR) sale in Switzerland, according to a person familiar with the matter.

The Chinese giant has held discussions with potential advisers for the planned listing, which could happen as soon as this year, said the person, who asked not to be identified as the information is private.

Deliberations are ongoing, and details of the GDR sale could still change, the people said. IFR first reported the Swiss listing plans. Representatives for CATL, as the company is commonly known, declined to comment.

CATL would be joining other Chinese companies in tapping the European market as lingering geopolitical risks and regulatory woes reduce the appeal of other offshore markets like the US. At US$5 billion, the GDR would be the biggest such issuance by a Chinese company.

CATL accounts for the largest share of the global electric-vehicle battery market, according to data from Seoul-based SNE Research. It sold a total of 165.7 gigawatt-hours of batteries in the January to November 2022 period, almost three times as much as second-placed BYD, a Chinese carmaker that also manufactures batteries.

CATL’s market share was about 35 per cent in the first 10 months of last year. The Fujian-based company supplies carmakers including Volkswagen AG, Geely Automobile Holdings, Nissan Motor and Tesla, which delivered fewer EVs than expected last quarter, despite offering some price cuts.

In 2017, CATL raised about US$822 million in an initial public offering in Shenzhen. The company raised another 45 billion yuan (US$6.7 billion) in a private share placement last year.

Shares of CATL have fallen about 18 per cent in the past year, valuing the company at about US$172 billion.