In early February, sources said CATL aimed to go ahead with the listing as early as May. PRIVATE PLACEMENTThe sources said the Chinese regulator has concerns over the vast scale of CATL's GDR offering. At $5 billion, the GDR deal would easily be the largest such listing by a Chinese company in Switzerland, according to Refinitiv data. With much better liquidity on the domestic market, investors can exit more easily. Such practices have also made Chinese regulators less keen to wave through mega-GDR offerings, two of the sources with knowledge of the matter said.

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