HONG KONG -- Shares successful CATL, the world’s largest shaper of batteries for electrical vehicles, jumped astir 13% Tuesday successful its Hong Kong trading debut aft it raised astir $4.6 cardinal successful the world’s largest archetypal nationalist offering this year.
The coagulated reception for Chinese company, Contemporary Amperex Technology Co., successful Hong Kong suggests determination is inactive an appetite among planetary investors for starring Chinese manufacturers contempt commercialized tensions betwixt Beijing and Washington.
It sold much than 135 cardinal shares astatine their maximum connection price, 263 Hong Kong dollars ($33.6) each. Its shares roseate aft they started trading astatine 296 Hong Kong dollars ($37.80), 12.5% higher than their connection price. They were up astir 13% by midday.
CATL besides has shares listed successful Shenzhen, a concern hub neighboring Hong Kong. They initially fell but past edged 0.1% higher connected Tuesday.
CATL held a astir 38% planetary marketplace stock for EV batteries successful 2024, its listing documents showed. It supplies automakers similar Tesla, Volkswagen, BMW, Mercedes-Benz, Ford, Toyota and Honda.
The institution has faced unit from the U.S. In January, the U.S. Defense Department added it to a database of companies it says person ties to China’s military, an accusation that CATL denied. It called the inclusion a “mistake.”
In April, John Moolenaar, chairperson of the U.S. House Select Committee connected China, wrote to the CEOs of JPMorgan Chase & Co. and Bank of America to request that the 2 American banks retreat from their enactment connected CATL's IPO. But the 2 banks stayed on.
In the U.S., Ford Motor Co. is licensing exertion from CATL to physique batteries, but the program faces absorption from immoderate Republican lawmakers, who person expressed interest that the Chinese institution could payment from U.S. taxation dollars.
The stock offering excluded onshore U.S. investors, though galore ample U.S. organization investors person offshore accounts that let them to participate.
The institution said it plans to usage astir of the nett proceeds from the IPO to physique its mill successful Hungary, meant to bring it person to the manufacturing facilities of its main European customers.
CATL recorded a nett of 55.3 yuan ($7.6 billion) successful 2024, up 16.8% from 2023. Its listing surpassed JX Advanced Metals’ $2.9 cardinal IPO successful Japan successful March, which was antecedently the largest this year, according to Renaissance Capital, a supplier of pre-IPO probe and IPO-focused ETFs.
___
Associated Press writers Damian Troise successful New York and Didi Tang successful Washington contributed to this report.
English (CA) · 
English (US) · 
Spanish (MX) ·