CATL surges 16.4% in Hong Kong debut after world's top offering this year
SHANGHAI/HONG KONG -- Shares of Contemporary Amperex Technology, better known as CATL, rose in their trading debut on the Hong Kong Exchange on Tuesday, after the Chinese electric vehicle battery maker raised 35.7 billion Hong Kong dollars ($4.6 billion) in the world's largest share offering so far this year.
CATL's shares began trading at HK$296 per share, 12.5% higher than the offer price of HK$263, and closed 16.4% higher at HK$306.20. The closing price gave it a market capitalization of about $166 billion. The company is already listed on the Shenzhen Stock Exchange. Shares of CATL opened 1.7% higher in Shenzhen and ended the day up 1.2% on Tuesday.
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Yomiuri Shimbun
2 hours ago
- Yomiuri Shimbun
Deal with Beijing Will Speed China's Export of Minerals to the US, Treasury Secretary Says
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His comments follow President Donald Trump announcing two weeks earlier an agreement with China that he said would ease exportation of magnets and rare earth minerals That pact cleared the way for the trade talks to continue. The U.S. has previously suspended some sales to China of critical U.S. technologies like components used for jet engines and semiconductors. It has also agreed to stop trying to revoke visas of Chinese nationals on U.S. college campuses. Bessent added of critical mineral exports: 'What we're seeing here is a de-escalation.' Commerce Secretary Howard Lutnick told Bloomberg TV that the deal was signed earlier this week. China's Commerce Ministry said Friday that the two sides had 'further confirmed the details of the framework,' when responding to a question about if China was to speed up exports of rare earths to the U.S. and if the U.S. was to remove some restrictions on China. 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China also has taken steps recently on the fentanyl issue, announcing last week that it would designate two more substances as precursor chemicals for fentanyl, making them subject to production, transport and export regulations. Trump has demanded that Beijing do more to stop the flow of such precursor ingredients to Mexican drug cartels, which use them to make fentanyl for sale in the U.S. He imposed 20% tariffs on Chinese imports over the fentanyl issue, the biggest part of current 30% across-the-board taxes on Chinese goods. The agreement struck in May in Geneva called for both sides to scale back punitive tariff hikes imposed as Trump escalated his trade war and sharply raised import duties. Some higher tariffs, such as those imposed by Washington related to the trade in fentanyl and duties on aluminum and steel, remain in place. The rapidly shifting policies are taking a toll on both of the world's two largest economies. The U.S. economy contracted at a 0.5% annual pace from January through March, partly because imports surged as companies and households rushed to buy foreign goods before Trump could impose tariffs on them. In China, factory profits sank more than 9% from a year earlier in May, with automakers suffering a large share of that drop. They fell more than 1% year-on-year in January-May. Trump and other U.S. officials have indicated they expect to reach trade deals with many other countries, including India. 'We're going to have deal after deal after deal,' Lutnick said.
Nikkei Asia
3 hours ago
- Nikkei Asia
Chinese brand catches tailwind with powerful, pricier handheld fans
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Kyodo News
3 hours ago
- Kyodo News
Kyodo News Digest: June 28, 2025
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