EV battery maker CATL setting up HQ in HK
Mainland electric car battery giant CATL said on Thursday that it is setting up its international headquarters in Hong Kong, with its founder saying he has full confidence in the SAR. CATL, or Contemporary Amperex Technology Co. Limited, also signed an MOU with the Science Park to establish an innovation centre there. At the MOU signing ceremony, the SAR's financial chief, Paul Chan, welcomed the firm to Hong Kong, saying it is bringing in over a HK$1 billion of investment and hiring more than 500 people.  "This is very important to promoting the development of Hong Kong's IT industry, and I hope this will allow CATL to shine brighter on the international stage," he said. IT minister Sun Dong, who also attended the event, said CATL has cast a vote of confidence in the city as it strives to become an international IT hub. The firm's founder, Zeng Yuqun, said he has full confidence in the SAR's prospects. "I am still full of confidence in Hong Kong's development despite the changes in the world in recent years," he said. "We'll grow our headquarters and our IT research and development centre in Hong Kong utilising the free flow of information, manpower, capital and goods in Hong Kong." CATL has had the largest market share of electric vehicle batteries in the world six years in a row. The figure stood at 37 percent in the first half of 2023.