Chinese battery manufacturer Contemporary Amperex Technology Co Ltd (CATL) saw its shares rise more than 13% in early trading during its debut on the Hong Kong Stock Exchange on Monday, as the company looks to support its overseas growth through increased access to international capital.
Shares opened at HK$298.4, up 13.46% from the offer price of HK$263, giving CATL a market capitalization of approximately HK$1.35 trillion. The listing is expected to raise about $4.6 billion, priced at the top of the proposed range.
“This listing signifies our deeper integration into the global capital markets and marks a new milestone in our mission to drive the global zero-carbon economy,” said Robin Zeng, CATL’s chairman and CEO, at the listing ceremony.
The offering follows CATL’s filing in February to pursue a dual listing aimed at bolstering its globalization strategy and establishing a broader platform for international financial operations. The company has been publicly traded on the Shenzhen Stock Exchange since 2018, and its shares have climbed roughly 70% in 2024.
CATL is the world’s largest supplier of electric vehicle (EV) batteries, holding a 38.3% global market share in the first quarter of 2024, according to data from South Korea-based SNE Research. The company installed 246.01 GWh of EV batteries in 2024, a 47.21% increase year-on-year.
Despite a revenue dip of 9.70% to RMB 362.01 billion ($50 billion) in 2024, CATL posted a 15.01% rise in net profit, reaching RMB 50.75 billion ($7 billion). The company operates 13 battery production bases, six R&D centers, and maintains service operations across 64 countries and regions.
Zeng said that all of CATL’s battery plants will achieve carbon neutrality this year, adding that the firm will offer solutions to help traditional sectors like steel, cement, and chemicals shift toward renewable energy. “CATL is not just a battery component manufacturer, but also a system solution provider,” he said.