FUZHOU -- China's largest automotive lithium-ion battery maker, Contemporary Amperex Technology Co Ltd (CATL), plans to raise through private placement no more than 58.2 billion yuan (about $8.99 billion), mostly for production expansion and research.

In a filing to the Shenzhen Stock Exchange on Friday, CATL said it will issue no more than 232,900,780 new shares, or 10 percent of the total equity before the stock issue, to no more than 35 investors.

CATL said the majority of the proceeds from the offering will be invested in five lithium-ion battery production facilities. The remaining will be invested in research and development and to supplement its working capital.

The stock issue is still subject to regulatory approvals.