Shares of Contemporary Amperex Technology Co., or CATL, soared more than 16% in their Hong Kong trading debut Tuesday after the Chinese electric vehicle battery maker raised more than $4.5 billion in its secondary listing.
The listing comes as Chinese companies are grappling with the effects of the Trump administration’s imposition of tariffs, despite recent rollbacks.
CATL, the world’s largest EV battery maker, benefited from investors’ faith in the EV boom, and raised 35.51 billion Hong Kong dollars ($4.54 billion) from its secondary listing. (The company is already listed on the Shenzhen Stock Exchange in mainland China.)
The company, which is a supplier of EV batteries to companies like Tesla (TSLA), had sold 135 million shares at 263 Hong Kong dollars ($33.60) each ahead of its secondary listing. Shares closed Tuesday at HK$306.20.
In its prospectus, CATL said that at the end of last year, its “EV batteries were installed in over 17 million vehicles, which represents one in every three EVs worldwide.” It said the bulk of the IPO proceeds would go toward funding its plant in Hungary.Â
