Shares of Contemporary Amperex Technology Co Limited (CATL), the world’s largest electric vehicle (EV) battery maker, soared as much as 18% on their trading debut in Hong Kong, marking the biggest initial public offering (IPO) of the year. The Chinese firm raised HK$35.7 billion ($4.55 billion), highlighting strong investor confidence despite mounting geopolitical tensions.
CATL, which produces over a third of all EV batteries globally, supplies major automakers such as Tesla, Volkswagen, Toyota, and Stellantis. The firm is already listed on China’s Shenzhen Stock Exchange, with a valuation exceeding 1 trillion yuan ($138.7 billion). The new Hong Kong listing further cements its position as a global battery powerhouse.
Founded in 2011 in Ningde, eastern China, CATL has grown rapidly alongside China’s booming EV market. Today, the company employs more than 100,000 people and operates 13 production plants worldwide. It is expanding aggressively in Europe, with its second factory under construction in Hungary and a $4.3 billion joint venture battery plant with Stellantis in Spain scheduled to open in 2026.
Despite its global presence, CATL remains heavily reliant on the Chinese market, which accounts for nearly 70% of its revenue. This has helped insulate it from the direct impact of U.S. tariffs, though political scrutiny persists. In January, the U.S. Department of Defense controversially listed CATL as a company allegedly linked to China’s military — a claim the firm firmly denies.
In April, U.S. lawmakers pressured major financial institutions like JPMorgan and Bank of America to pull back from supporting CATL’s IPO due to national security concerns. However, analysts like Tim Buckley of Climate Energy Finance argue that the U.S. is overlooking CATL’s innovations, particularly in fast-charging battery technology. CATL recently unveiled a new battery capable of delivering 323 miles (520 km) of range after just five minutes of charging.
While political tensions remain, CATL’s IPO success signals strong investor appetite for EV-related firms and underscores China’s continued dominance in the global clean tech race.
