Chinese battery giant CATL has started the process to list in Hong Kong by lodging its filings with regulators in a deal that is expected to raise at least $5 billion, according to two sources with direct knowledge of the matter.

CATL, as the Chinese company is known, submitted its application draft with the Hong Kong stock exchange on Tuesday, following the board’s approval in December. The IPO size and timeline were not disclosed. A US$5 billion deal, as reported by Reuters, would rank as the largest since Kuaishou Technology raised US$6.2 billion in January 2021.