Agencies and staff reporter

Hong Kong's initial public offering market is bubbling up with Chinese battery giant Contemporary Amperex Technology yesterday filing for a jumbo listing that could raise up to US$5 billion (HK$39 billion) and tea giant Mixue set to launch a US$500 million IPO shortly.

Reuters had earlier reported that CATL was planning to raise at least US$5 billion from the listing, quoting two sources with knowledge of the matter.

CATL said some of the funds will be used toward the construction of its new battery plant in Hungary, which is being built at a cost of EUR7.3 billion (HK$58.75 billion) and is expected to open this year.