BUSINESS

CATL Stock Surges in Hong Kong Debut After Whopping $4.6 Billion IPO

By Wang Xiaoqing, An Limin and Wang Xintong

Published: May. 20, 2025 8:40 p.m. GMT+8

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CATL holds a listing ceremony at the Hong Kong Stock Exchange on Tuesday. Photo: Wang Xiaoqing/Caixin

Shares of Contemporary Amperex Technology Co. Ltd. (CATL) jumped more than 16% on their Hong Kong debut Tuesday, after the Chinese battery giant netted HK$35.7 billion ($4.56 billion) from what is reportedly the largest IPO globally so far this year.

CATL opened at HK$296 per share on the Hong Kong Stock Exchange — a 12.5% premium over its IPO price of HK$263 — and gained through the day to close at HK$306.2, up 16.4% from the listing price.

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CATL raised HK$35.7 billion ($4.56 billion) in its Hong Kong IPO, the world’s largest in 2025, with shares closing up 16.4% from the listing price.
IPO demand was strong, with global institutions oversubscribing by 14 times and Hong Kong retail investors by 151 times; over 90% of proceeds will fund a Hungarian battery factory.
CATL’s net profit grew 15% in 2024 to 50.7 billion yuan ($7 billion); its Hong Kong shares traded above Shenzhen's price.

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Who’s Who

Contemporary Amperex Technology Co. Ltd. (CATL): Contemporary Amperex Technology Co. Ltd. (CATL) is a leading Chinese battery manufacturer, known for making batteries for electric vehicles and energy storage systems. It raised HK$35.7 billion ($4.56 billion) in its 2025 Hong Kong IPO, the largest globally so far that year. CATL plans to use 90% of the proceeds to fund its new battery factory in Hungary. The company reported a 2024 net profit of 50.7 billion yuan ($7 billion).

Natixis: Natixis is referenced in the article through Gary Ng, a senior economist at the firm. Natixis is a French corporate and investment bank and a subsidiary of Groupe BPCE, specializing in asset management, corporate banking, investment solutions, and financial services for institutions and companies worldwide.

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