CATL's Electrifying IPO: A Shocking 13% Surge on Debut

CATL, the leading global battery maker for electric vehicles, saw its shares rise 13% during its Hong Kong IPO. Despite geopolitical tensions, international investors showed strong interest. The funds will primarily be used to build a factory in Hungary to better serve European clients.

CATL, the premier global manufacturer of electric vehicle batteries, marked a triumphant debut on the Hong Kong stock exchange Tuesday, with shares soaring approximately 13% during opening trading. The company managed to raise about USD 4.6 billion in what stands as the world's largest IPO this year.

The successful reception of Contemporary Amperex Technology Co. underscores sustained international investor interest in Chinese manufacturing giants, even amid persistent trade tensions between Beijing and Washington. CATL offered over 135 million shares at a top price of 263 Hong Kong dollars, witnessing early trades peaking at 296 Hong Kong dollars.

Despite facing opposition from US lawmakers due to alleged military affiliations, CATL maintains robust international partnerships, supplying automakers like Tesla and Ford. With proceeds, the company aims to advance its European ambitions, focusing on a new manufacturing facility in Hungary.

(With inputs from agencies.)