The market for electric vehicle (EV) batteries has exploded in recent years, with private companies dominating production in China thus far. Now, through CALB Co., the Chinese state is looking to muscle its way in. CALB’s share of the Chinese battery market stands at just 5.9 percent, but that already makes it the country’s third largest EV battery maker. Last week, the company filed for an initial public offering in Hong Kong, looking to raise $1.5 billion to catapult its growth and expa