AsianFin -- Banks underwriting the world’s biggest listing so far in 2025 are set to receive sharply lower fees than the market norm, as financial advisers accept razor-thin margins to secure a rare high-profile deal amid a sluggish IPO market.

Contemporary Amperex Technology Co. Ltd. (CATL), the Shenzhen-listed battery giant, disclosed in a securities filing on Monday that the nine banks managing its Hong Kong listing will share a maximum of HK$238.7 million in fees. Much of this amount is discretionary and hinges on the deal’s performance.

The fixed portion of the underwriting fee stands at just 0.2% of the total proceeds—well below industry standards.

That’s only about one-third of what Midea Group paid banks for its nearly $4.6 billion Hong Kong listing last year, and a quarter of the 0.8% fee S.F. Holding awarded in its $792 million Hong Kong offering in November.

CATL noted in its filing that it may offer a 0.6% discretionary fee as a performance-based incentive.