Hong Kong-trade shares in CATL, the world’s largest maker of batteries for electric vehicles, have jumped after the company raised around $4.6 billion in the biggest initial public offering globally this year
Shares in CATL, the world’s largest maker of batteries for electric vehicles, jumped about 13% Tuesday in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest initial public offering this year.
The solid reception for Chinese company, Contemporary Amperex Technology Co., in Hong Kong suggests there is still an appetite among international investors for leading Chinese manufacturers despite trade tensions between Beijing and Washington.
It sold more than 135 million shares at their maximum offer price, 263 Hong Kong dollars ($33.6) each. Its shares rose after they started trading at 296 Hong Kong dollars ($37.80), 12.5% higher than their offer price. They were up about 13% by midday.
CATL also has shares listed in Shenzhen, a business hub neighboring Hong Kong. They initially fell but then edged 0.1% higher on Tuesday.
CATL held a nearly 38% global market share for EV batteries in 2024, its listing documents showed. It supplies automakers like Tesla, Volkswagen, BMW, Mercedes-Benz, Ford, Toyota and Honda.