Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn GAC's Aion S, one of China's top-selling electric vehicles, is powered by batteries made by CALB Co. Credit: GAC Aion 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 expand production capacity six-fold in the next two years. Data: CALB's IPO Prospectus But obstacles stand in its way, most notably the company’s affiliation with AVIC, the state-owned aerospace and defense conglomerate sanctioned by the U.S. government. This week, The Wire looks at CALB, its investors, and its ambitious plans to take on the world’s leading battery makers. AVIC ROOTS CALB produces batteries for civilian uses, but the company got its start as a subsidiary of ChiSubscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.