CATL Shares Surge in $4.6B Hong Kong Listing Amid Strong Demand

Shares of Chinese battery giant CATL soared 12.5% above their offering price on Tuesday, debuting at HK$296 on the Hong Kong Stock Exchange after raising $4.6 billion. The offering, priced at HK$263 per share, marks the largest Hong Kong listing in 2025 and the biggest globally this year.

Contemporary Amperex Technology Co. Limited (CATL), already listed in Shenzhen, sold 135.6 million shares in its Hong Kong debut. Investor demand was overwhelming, with the institutional tranche oversubscribed by 15.2 times and the retail portion by 151 times. The company also retained a 17.7 million-share greenshoe option, which could raise the total to $5.3 billion, rivaling Kuaishou’s $6.2 billion listing in 2021.

Founder and Chairman Robin Zeng described the listing as a key step toward deeper global capital market integration and a move to advance the zero-carbon economy. The IPO comes amid a temporary trade truce between the U.S. and China, with tariffs on both sides significantly reduced. This geopolitical shift helped attract long-only global investors who previously held back, according to insiders.

CATL's strong debut reflects growing investor confidence, driven by robust earnings and global market leadership. In Q1 2025, CATL reported a 32.9% year-on-year net profit increase, reaching 14 billion yuan ($1.91 billion)—its fastest growth in two years. The company continues to dominate the EV battery sector with a 38% global market share in 2024, up from 36% the previous year, according to SNE Research.

Despite a slight dip of 0.5% in its Shenzhen shares, CATL’s Hong Kong debut underscores its rising international appeal and the strong momentum behind clean energy investments.