The world’s biggest maker of electric-vehicle batteries and a supplier to Tesla has been meeting banks in recent weeks as it draws up plans for a secondary listing in Hong Kong. The initial public offering would give it access to offshore funds as it seeks to expand overseas, and Morgan Stanley has estimated it could raise up to $7.7bn.

The Pentagon is banning a number of Chinese technology firms, including CATL, the world’s largest EV battery manufacturer, which provides batteries to Tesla.

Other battery suppliers do exist, but CATL still holds the largest market share. Directly behind CATL is another Chinese supplier, BYD/FinDreams, which also doubles as an EV manufacturer. Korea-based LG Energy Solution sits as the third-largest supplier, while Panasonic, a Japanese-based electronics company, is the fourth-largest.