CATL Shares Jump 16% in Hong Kong Debut Amid Global Investor Interest

Shares of Chinese battery giant CATL rose 16% on their Hong Kong debut, marking the largest IPO of the year. The $4.6bn listing drew strong backing from global investors, including Kuwait’s sovereign wealth fund and the Agnelli family.

Already listed in Shenzhen since 2018, CATL is expanding globally, with projects like a $7.3bn factory in Hungary. Founder Robin Zeng emphasized the company’s ambition to lead the zero-carbon economy, not just remain a battery supplier.

The debut stands out in a sluggish year for global markets, impacted by U.S.-China trade tensions. Analysts say the listing reflects strong demand for top-tier Chinese firms as some investors reduce exposure to U.S. assets.

CATL, the world’s largest battery maker, closed at HK$306, giving it a $166bn market cap. The IPO could rise to $5.3bn if underwriters exercise additional share options.

Experts say dual listings in Hong Kong and mainland China help Chinese companies balance high valuations with flexible global financing. Despite global reach, CATL still derives 70% of its revenue from China.