Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) made its trading debut on the Hong Kong Stock Exchange on May 20, marking the world’s largest initial public offering since 2023 and the biggest Hong Kong listing in four years.
Original By NLS
Chinese battery giant Contemporary Amperex Technology Co. Ltd. (CATL) made its trading debut on the Hong Kong Stock Exchange on May 20, marking the world’s largest initial public offering since 2023 and the biggest Hong Kong listing in four years. It also stands as the largest-ever offshore listing by a company already listed on China’s A-share market.
With the successful launch, CATL has officially joined the ranks of dual-listed “A+H” companies. “Our listing in Hong Kong signals deeper integration with global capital markets,” said Chairman and CEO Robin Zeng at the listing ceremony. “More importantly, it marks a new starting point in our mission to advance a global zero-carbon economy.” The move is being hailed as a milestone not only for CATL but for China's broader push to position its clean energy champions on the global stage.
The offering comprised 135 million shares prior to exercising the over-allotment option, priced at HK$263 per share, raising approximately HK$31 billion (US$4 billion). If the full greenshoe option and additional allotment of 17.7 million shares are exercised, total proceeds could reach HK$41 billion.
Investor demand was strong, drawing participation from a wide spectrum of strategic and institutional players. These included Chinese state-owned oil giant Sinopec, Kuwait’s sovereign wealth fund KIA, Korea’s Mirae Asset, and leading global asset managers such as Hillhouse Capital, UBS Asset Management, and Goyi Asset. In total, the IPO attracted capital from 15 countries and regions across the energy, finance, and industrial sectors. The speed of the offering underscores robust market confidence. It became the fastest overseas listing to be approved under China's registration-based system, completing the entire regulatory process in just 25 days. CATL submitted its A1 filing to the HKEX on February 11, secured approval in two months, and wrapped up its listing within 98 days.
“CATL is more than a battery manufacturer. We provide comprehensive systems solutions — and we are committed to becoming a zero-carbon technology leader,” Zeng said in his speech. He noted that the company has already completed much of its strategic layout for decarbonization: building one of the most advanced and diversified product portfolios for zero-carbon transportation, pushing forward next-generation zero-carbon power grids, and exporting solutions to help decarbonize traditional industries such as steel, cement, and chemicals. Over the past decade, CATL has invested more than RMB 70 billion (US$9.7 billion) in R&D.
As the dominant battery supplier in the global electric vehicle industry, CATL’s position is unmatched. It has led the world in EV battery shipments for eight consecutive years — roughly one in every three EVs worldwide runs on a CATL battery. As of December 31, 2024, the company reported RMB 298.2 billion in monetary assets, including RMB 270.2 billion in cash and equivalents — nearly double its 2022 year-end balance.
The company had already flagged its international ambitions during pre-listing investor briefings, naming overseas expansion as a key growth driver. Roughly 90% of the proceeds from the Hong Kong listing will go toward the construction of its battery manufacturing facility in Debrecen, Hungary — a €7.3 billion project with a planned capacity of 100 GWh. This is CATL’s largest overseas investment to date and a centerpiece of its globalization strategy. Once operational, the plant will supply power batteries to major European automakers, supporting the region’s electric vehicle transition and localized production plans.