Shares in China's CATL jump over 17% in Hong Kong debut as battery maker rides electric-vehicle boom
Shares of the world's largest battery manufacturer Contemporary Amperex Technology rose over 17% in their Hong Kong trading debut on Tuesday.
Shares were trading at 309 Hong Kong dollars apiece on the Hong Kong stock exchange, compared with the initial public offering price of HK$263 dollars per share.
The IPO raised HK$35.7 billion ($4.6 billion) according to a company filing, reportedly making it the largest global listing in 2025. CATL is already listed on on the Shenzhen Stock Exchange, where the shares are down 2.26% so far this year, data from LSEG showed.
CATL said in its Hong Kong filing that 90% of the funds raised will go toward building its upcoming factory in Hungary, aimed at supplying batteries to European automotive clients including Stellantis, BMW and Volkswagen.
The company's global push has coincided with expansions from leading Chinese EV makers such as BYD. However, these efforts hit a speed bump last year when the U.S. and EU placed punitive tariffs on EVs made in China, citing unfair trade practices.
CATL also found itself in the crosshairs of U.S.-China trade tensions earlier this year, with the Pentagon placing it on a watchlist in January over suspected links to China's military — allegations the company has rejected.
In March, CATL posted a 9.7% drop in its 2024 annual revenue, hit by intense competition in China's electric-vehicle market that pressured the world's top battery producer. Still, the company's net profit went up by 15% year over year.
Demand for electric vehicles in China, a critical market for CATL, gained momentum last year on the back of a combination of subsidies and consumer purchase incentives. EV sales in China surged to 11 million in 2024 — a 40% increase compared to the previous year, data from U.K. research firm Rho Motion showed.
"We're a big believer and investor in CATL in our global EV strategy. It's just phenomenal, it's a 'must own company,' in my opinion, along with BYD for investors in the space," said Brendan Ahern, chief investment officer at KraneShares.
Bank of America, China International Capital Corporation, Goldman Sachs, Morgan Stanely, JPMorgan Chase were the joint lead mangers for the Hong Kong offering.
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