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4mo ago

CATL Shares Surge Over 16% in Hong Kong Debut After $4.6 Billion IPO

The world’s largest EV battery maker raised the year’s biggest IPO to fund European expansion, defying geopolitical challenges.

Robin Zeng, founder and chairman of Contemporary Amperex Technology Co. Ltd. (CATL), third right, strikes a gong as Paul Chan, Hong Kong's financial secretary, second right, and Bonnie Chan, chief executive officer of Hong Kong Exchanges & Clearing Ltd. (HKEX), right, applaud during the CATL listing ceremony at the Hong Kong Stock Exchange in Hong Kong, China, on Tuesday, May 20, 2025.
Robin Zeng, chairman of Contemporary Amperex Technology Co. (CATL), center right, strikes the gong at the listing ceremony in Hong Kong, Tuesday, May. 20, 2025. (AP Photo/Chan Long Hei)
Signage of Contemporary Amperex Technology Co. (CATL) is displayed on the digital screen at the listing ceremony in Hong Kong, Tuesday, May. 20, 2025. (AP Photo/Chan Long Hei)

Overview

  • Contemporary Amperex Technology Co. Ltd. (CATL) raised $4.6 billion in its Hong Kong secondary listing, the largest IPO globally in 2025.
  • Shares debuted at HK$263 and closed over 16% higher, reflecting strong investor demand despite U.S.-China trade tensions.
  • CATL plans to allocate most of the proceeds to building a battery factory in Hungary, supporting its European market expansion.
  • The company, which supplies automakers like Tesla, Volkswagen, and BMW, holds a 38% share of the global EV battery market.
  • CATL structured the IPO as a Regulation S offering, excluding onshore U.S. investors, following its designation by the U.S. as a 'Chinese military company,' a claim it denies.