Chinese banks have been pitching to work on the blockbuster Hong Kong secondary listing of the world’s leading EV battery maker CATL for as little as 0.01 per cent in fees, highlighting cut-throat competition in a once-lucrative listings market where business has significantly slowed.

CICC and CSC are among the banks lined up for a leading role on the deal, which stands to be one of the biggest listings in Hong Kong in recent years. JPMorgan and Bank of America are also lined up for top roles.

Two people with knowledge of the matter said CICC’s pitch for a role on the deal had suggested they would be willing to work on it for fees of 0.01 per cent of the capital raised, which could ultimately top $7bn. Two people with knowledge of the matter said CSC had also pitched for a fee at around that level.