CATL Shares Jump After $4.6 Billion Hong Kong Listing — Largest Global Equity Offering in 2025

Contemporary Amperex Technology Co. Limited (CATL), the world’s largest electric vehicle (EV) battery manufacturer, successfully completed a secondary listing on the Hong Kong Stock Exchange (HKEX), raising $4.6 billion in what is now the largest global equity offering of 2025. The deal highlights continued investor confidence in China’s clean energy sector, even amid macroeconomic uncertainty and tighter liquidity conditions in global markets.

This listing positions CATL to broaden its international shareholder base and secure foreign currency capital to support its expanding global footprint in the EV battery supply chain.

Strong Demand Drives Share Price Surge

On Tuesday, CATL’s Hong Kong-listed shares opened at HK$296, marking a 12.5% premium over the issue price of HK$263. The company issued 135.6 million shares, raising HK$35.6 billion (approximately $4.6 billion USD). This is the most significant equity raise in Hong Kong since Midea Group executed a similar-sized transaction in 2024.

Meanwhile, CATL’s Shenzhen-listed shares fell by 0.5%, reflecting a modest domestic reaction as the market digested the dilution impact and shift in capital structure.

Key Facts:

1. Offering Size: $4.6 billion
2. Issue Price: HK$263 per share
3. Opening Price: HK$296 (+12.5%)
4. Shares Issued: 135.6 million
5. Listed Exchanges: HKEX, Shenzhen Stock Exchange
6. Sector: EV battery manufacturing

Market Sentiment and Analyst Commentary

The Hong Kong benchmark Hang Seng Index (HSI) rose approximately 1% during early trading, buoyed by optimism surrounding the listing. Analysts view the strong demand as a vote of confidence in Chinese new energy companies, despite prevailing headwinds such as slowing domestic growth and lingering geopolitical tensions.

The move strengthens CATL’s access to international capital markets, offering greater flexibility to pursue global partnerships, mergers, and large-scale R&D investments — particularly in regions pushing aggressive EV adoption timelines like the EU and the U.S.

From a strategic perspective, the listing enhances the company’s visibility among global institutional investors and aligns with China’s broader goal of positioning itself as a dominant force in the global clean energy transition.

Highlights:

1. Largest equity offering in 2025 globally at $4.6 billion.
2. 12.5% gain on opening day reflects strong investor appetite.
3. Hang Seng Index up 1%, led by renewed confidence in tech and EV sectors.
4. Strategic capital raise to support global expansion and innovation.
5. Shenzhen shares dip 0.5%, signaling short-term repricing post-dilution.

A Strategic Milestone in CATL’s Global Journey

CATL’s Hong Kong listing underscores the company’s ambition to cement its leadership in the EV battery space while diversifying funding sources amid growing global demand for electrification. As regulatory mandates accelerate EV adoption worldwide, the firm is expected to benefit from robust tailwinds across automotive, energy storage, and mobility infrastructure sectors.

With this high-profile transaction, CATL not only enhances its capital strength but also reaffirms Hong Kong’s role as a critical gateway for Chinese technology firms seeking international capital and recognition.