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Unlock the Editor\u2019s Digest for free<\/p>\n
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<\/iframe><\/div>\n<div id=\"article-body\">\n<p>CATL shares surged 16 per cent on their debut in Hong Kong on Tuesday as investors raced to back the Chinese battery maker in the biggest listing of a year dominated by Donald Trump\u2019s trade war.<\/p>\n<p>The company, which supplies Tesla and Volkswagen, raised $4.6bn as it tapped demand from Kuwait\u2019s sovereign wealth fund, retail investors in Hong Kong and an investment vehicle backed by Italy\u2019s billionaire Agnelli family.<\/p>\n<p>Robin Zeng, CATL\u2019s founder, took the company public on the Shenzhen Stock Exchange in 2018, but has added a Hong Kong listing as the billionaire presses ahead with an aggressive overseas expansion that includes a $7.3bn factory in Hungary.<\/p>\n<p>Zeng said that CATL was not satisfied with being \u201cjust a battery component manufacturer\u201d, as he banged a gong at the start of trading in Hong Kong and touted the group\u2019s ambitions to be \u201cthe pioneer\u201d in the zero-carbon economy.<\/p>\n<p>The listing is a rare bright spot for global capital markets, which have struggled to build momentum this year in the face of the market turmoil unleashed by <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">Trump\u2019s sweeping tariffs<\/a>. <\/p>\n<p>Analysts said it was also an indication of global appetite for high-quality Chinese companies at a time when some investors were reviewing their exposure to US stocks. <\/p>\n<p>Shares in <a href=\"https:\/\/www.ft.com\/stream\/15eee97a-7b2b-4ff7-bd7b-6cf890e7cd86\" data-trackable=\"link\">CATL<\/a>, which is the world\u2019s biggest battery maker, closed up 16 per cent at HK$306 per share in Hong Kong, giving the group a market capitalisation of HK$1.3tn ($166bn).<\/p>\n<p>Based in the Ningde in the south-eastern province of Fujian, CATL could ultimately raise $5.3bn if banks underwriting the sale, which include JPMorgan Chase and Bank of America, exercise an option to sell more shares.<\/p>\n<p>Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas, said the listing had benefited from international investors seeking exposure to the battery industry\u2019s powerhouse as Trump\u2019s trade war had dented the appeal of US assets.<\/p>\n<p>\u201cWe are in this kind of unique scenario, where you have a well-known company issuing new shares, also at a time when you have a macro factor where investors want to diversify away from the US dollar-related assets,\u201d said Lui.<\/p>\n<p>Wang Shuguang, a management committee member at Chinese brokerage CICC, which advised on the sale, said CATL\u2019s successful debut would encourage more leading Chinese companies to pursue listings in Hong Kong.<\/p>\n<p>\u201cThe \u2018A-share\u2019 market provides robust liquidity and higher valuations,\u201d Wang said, referring to stock that is traded on exchanges in mainland China, \u201cwhile Hong Kong\u2019s market enables flexible financing.\u201d<\/p>\n<p>\u201cBy leveraging both, companies can access diverse financing options and boost the financial agility of their global operations,\u201d he added.<\/p>\n<p>Chinese \u201cA-shares\u201d typically trade at a double-digit percentage premium to their \u201cH-share\u201d equivalents in Hong Kong, where initial public offerings are usually priced at a discount to entice buyers.<\/p>\n<p>CATL controls about 37 per cent of the world\u2019s EV and energy storage battery market, but it remains heavily reliant on the Chinese market, which accounted for about 70 per cent of its revenues last year.<\/p>\n<div class=\"n-content-layout\" data-component=\"flourish\" data-component-id=\"23284237\" data-component-type=\"flourish-in-article\">\n<figure class=\"n-content-picture n-content-layout__container\"><a href=\"#23284237\"><picture data-asset-type=\"flourish\" data-flourish-id=\"23284237\" data-flourish-type=\"visualisation\">\n<div id=\"23284237\" class=\"cp-message o-message o-message--inform o-message--notice\" data-o-component=\"o-message\">\n<div class=\"o-message__container\">\n<div class=\"o-message__content\">\n<p class=\"o-message__content-main\">Some content could not load. Check your internet connection or browser settings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F23284237%2Fthumbnail%3FcacheBuster%3D970962?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1\" alt=\"\"\/><\/picture><\/a><\/figure>\n<\/div>\n<p>Zeng has pursued the Hong Kong listing despite Trump\u2019s trade war casting doubt over the company\u2019s ambitions in the US.<\/p>\n<p>In January, the battery maker was added to a Pentagon blacklist of companies believed to have ties to the Chinese military, although it has denied any such links.<\/p>\n<p>A Republican lawmaker in April urged JPMorgan Chase and Bank of America <a href=\"https:\/\/www.ft.com\/content\/1e988d24-c602-40e2-aed4-bbc6f6056c58\" data-trackable=\"link\">to halt work<\/a> on the listing.<\/p>\n<p>Despite the Wall Street banks advising on the listing, many onshore American investors will not have access to the shares, given the listing was filed under a \u201cReg S\u201d rather than \u201c144A\u201d regulation under US securities law. <\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"4ba77000-3bb4-42d0-8594-6ba297149e28\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/4ba77000-3bb4-42d0-8594-6ba297149e28\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2291\/1289\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Ff01b48bc-9019-432c-867f-72224b95fee3.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\" alt=\"Chinese battery manufacturer CATL\u2019s domestic car business chief technology officer Gao Huang speaks at CATL Tech Day\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>This exempts CATL from some disclosure obligations and means US investors without offshore accounts are barred from investing. <\/p>\n<p>One person familiar with the deal told the Financial Times that other US investors chose to wait to invest until after the listing in order to reduce scrutiny from Washington.\u00a0<\/p>\n<p>Chinese oil company Sinopec and Asian fund Hillhouse Investment were among the listing\u2019s so-called cornerstone investors, who acquired stakes before the wider public could buy shares. <\/p>\n<p>They were joined by Oaktree Capital Management as well as units of two Chinese state-owned groups, Postal Savings Bank of China and insurer Taikang Life.\u00a0Cornerstone investors commit to own the shares for a certain period. <\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. CATL shares surged 16 per cent on their debut in Hong Kong on Tuesday as investors raced to back the Chinese battery maker in the biggest listing of a year dominated by Donald Trump\u2019s trade […]<\/p>\n","protected":false},"author":1,"featured_media":248817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[1378,13380,90924,1124,11646,2806,13521],"dealstore":[],"offerexpiration":[],"class_list":["post-248816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-battery","tag-biggest","tag-catl","tag-chinese","tag-listing","tag-maker","tag-surges"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese battery maker CATL surges 16% in biggest listing of 2025 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=248816\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese battery maker CATL surges 16% in biggest listing of 2025 - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. 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CATL shares surged 16 per cent on their debut in Hong Kong on Tuesday as investors raced to back the Chinese battery maker in the biggest listing of a year dominated by Donald Trump\u2019s trade […]","og_url":"https:\/\/fivemor.com\/?p=248816","og_site_name":"Som2ny Network","article_published_time":"2025-05-20T09:20:24+00:00","og_image":[{"width":700,"height":394,"url":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/05\/https3A2F2Fd1e00ek4ebabms.cloudfront.net2Fproduction2F1a393652-a0a4-49d1-8512-055454979032.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fivemor.com\/?p=248816#article","isPartOf":{"@id":"https:\/\/fivemor.com\/?p=248816"},"author":{"name":"admin","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371"},"headline":"Chinese battery maker CATL surges 16% in biggest listing of 2025","datePublished":"2025-05-20T09:20:24+00:00","mainEntityOfPage":{"@id":"https:\/\/fivemor.com\/?p=248816"},"wordCount":764,"commentCount":0,"publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"image":{"@id":"https:\/\/fivemor.com\/?p=248816#primaryimage"},"thumbnailUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/05\/https3A2F2Fd1e00ek4ebabms.cloudfront.net2Fproduction2F1a393652-a0a4-49d1-8512-055454979032.jpg","keywords":["Battery","Biggest","CATL","Chinese","Listing","Maker","Surges"],"articleSection":["Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fivemor.com\/?p=248816#respond"]}]},{"@type":"WebPage","@id":"https:\/\/fivemor.com\/?p=248816","url":"https:\/\/fivemor.com\/?p=248816","name":"Chinese battery maker CATL surges 16% in biggest listing of 2025 - 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<\/iframe><\/div>\n<div id=\"article-body\">\n<p>CATL shares surged 16 per cent on their debut in Hong Kong on Tuesday as investors raced to back the Chinese battery maker in the biggest listing of a year dominated by Donald Trump\u2019s trade war.<\/p>\n<p>The company, which supplies Tesla and Volkswagen, raised $4.6bn as it tapped demand from Kuwait\u2019s sovereign wealth fund, retail investors in Hong Kong and an investment vehicle backed by Italy\u2019s billionaire Agnelli family.<\/p>\n<p>Robin Zeng, CATL\u2019s founder, took the company public on the Shenzhen Stock Exchange in 2018, but has added a Hong Kong listing as the billionaire presses ahead with an aggressive overseas expansion that includes a $7.3bn factory in Hungary.<\/p>\n<p>Zeng said that CATL was not satisfied with being \u201cjust a battery component manufacturer\u201d, as he banged a gong at the start of trading in Hong Kong and touted the group\u2019s ambitions to be \u201cthe pioneer\u201d in the zero-carbon economy.<\/p>\n<p>The listing is a rare bright spot for global capital markets, which have struggled to build momentum this year in the face of the market turmoil unleashed by <a href=\"https:\/\/www.ft.com\/trump-tariffs\" data-trackable=\"link\">Trump\u2019s sweeping tariffs<\/a>. <\/p>\n<p>Analysts said it was also an indication of global appetite for high-quality Chinese companies at a time when some investors were reviewing their exposure to US stocks. <\/p>\n<p>Shares in <a href=\"https:\/\/www.ft.com\/stream\/15eee97a-7b2b-4ff7-bd7b-6cf890e7cd86\" data-trackable=\"link\">CATL<\/a>, which is the world\u2019s biggest battery maker, closed up 16 per cent at HK$306 per share in Hong Kong, giving the group a market capitalisation of HK$1.3tn ($166bn).<\/p>\n<p>Based in the Ningde in the south-eastern province of Fujian, CATL could ultimately raise $5.3bn if banks underwriting the sale, which include JPMorgan Chase and Bank of America, exercise an option to sell more shares.<\/p>\n<p>Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas, said the listing had benefited from international investors seeking exposure to the battery industry\u2019s powerhouse as Trump\u2019s trade war had dented the appeal of US assets.<\/p>\n<p>\u201cWe are in this kind of unique scenario, where you have a well-known company issuing new shares, also at a time when you have a macro factor where investors want to diversify away from the US dollar-related assets,\u201d said Lui.<\/p>\n<p>Wang Shuguang, a management committee member at Chinese brokerage CICC, which advised on the sale, said CATL\u2019s successful debut would encourage more leading Chinese companies to pursue listings in Hong Kong.<\/p>\n<p>\u201cThe \u2018A-share\u2019 market provides robust liquidity and higher valuations,\u201d Wang said, referring to stock that is traded on exchanges in mainland China, \u201cwhile Hong Kong\u2019s market enables flexible financing.\u201d<\/p>\n<p>\u201cBy leveraging both, companies can access diverse financing options and boost the financial agility of their global operations,\u201d he added.<\/p>\n<p>Chinese \u201cA-shares\u201d typically trade at a double-digit percentage premium to their \u201cH-share\u201d equivalents in Hong Kong, where initial public offerings are usually priced at a discount to entice buyers.<\/p>\n<p>CATL controls about 37 per cent of the world\u2019s EV and energy storage battery market, but it remains heavily reliant on the Chinese market, which accounted for about 70 per cent of its revenues last year.<\/p>\n<div class=\"n-content-layout\" data-component=\"flourish\" data-component-id=\"23284237\" data-component-type=\"flourish-in-article\">\n<figure class=\"n-content-picture n-content-layout__container\"><a href=\"#23284237\"><picture data-asset-type=\"flourish\" data-flourish-id=\"23284237\" data-flourish-type=\"visualisation\">\n<div id=\"23284237\" class=\"cp-message o-message o-message--inform o-message--notice\" data-o-component=\"o-message\">\n<div class=\"o-message__container\">\n<div class=\"o-message__content\">\n<p class=\"o-message__content-main\">Some content could not load. Check your internet connection or browser settings.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><img decoding=\"async\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fpublic.flourish.studio%2Fvisualisation%2F23284237%2Fthumbnail%3FcacheBuster%3D970962?source=cp-content-pipeline&fit=scale-down&quality=highest&width=1020&dpr=1\" alt=\"\"\/><\/picture><\/a><\/figure>\n<\/div>\n<p>Zeng has pursued the Hong Kong listing despite Trump\u2019s trade war casting doubt over the company\u2019s ambitions in the US.<\/p>\n<p>In January, the battery maker was added to a Pentagon blacklist of companies believed to have ties to the Chinese military, although it has denied any such links.<\/p>\n<p>A Republican lawmaker in April urged JPMorgan Chase and Bank of America <a href=\"https:\/\/www.ft.com\/content\/1e988d24-c602-40e2-aed4-bbc6f6056c58\" data-trackable=\"link\">to halt work<\/a> on the listing.<\/p>\n<p>Despite the Wall Street banks advising on the listing, many onshore American investors will not have access to the shares, given the listing was filed under a \u201cReg S\u201d rather than \u201c144A\u201d regulation under US securities law. <\/p>\n<aside aria-labelledby=\"aside-label\" class=\"n-content-recommended--single-story n-content-recommended--inset\" data-component=\"recommended\">\n<p class=\"n-content-recommended__title o3-type-body-highlight\">Recommended<\/p>\n<div class=\"o-teaser o-teaser--article o-teaser--small o-teaser--stacked o-teaser--has-image js-teaser\" data-id=\"4ba77000-3bb4-42d0-8594-6ba297149e28\">\n<div class=\"o-teaser__image-container js-teaser-image-container\"><a href=\"https:\/\/www.ft.com\/content\/4ba77000-3bb4-42d0-8594-6ba297149e28\" data-trackable=\"image-link\" data-trackable-context-story-link=\"image-link\" tabindex=\"-1\" aria-hidden=\"true\"><\/p>\n<div class=\"o-teaser__image-placeholder\" style=\"aspect-ratio:2291\/1289\"><img decoding=\"async\" class=\"o-teaser__image\" src=\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fwww.ft.com%2F__origami%2Fservice%2Fimage%2Fv2%2Fimages%2Fraw%2Fhttps%253A%252F%252Fd1e00ek4ebabms.cloudfront.net%252Fproduction%252Ff01b48bc-9019-432c-867f-72224b95fee3.jpg%3Fsource%3Dnext-article%26fit%3Dscale-down%26quality%3Dhighest%26width%3D700%26dpr%3D1?source=next&fit=scale-down&dpr=2&width=240\" alt=\"Chinese battery manufacturer CATL\u2019s domestic car business chief technology officer Gao Huang speaks at CATL Tech Day\"\/><\/div>\n<p><\/a><\/div>\n<\/div>\n<\/aside>\n<p>This exempts CATL from some disclosure obligations and means US investors without offshore accounts are barred from investing. <\/p>\n<p>One person familiar with the deal told the Financial Times that other US investors chose to wait to invest until after the listing in order to reduce scrutiny from Washington.\u00a0<\/p>\n<p>Chinese oil company Sinopec and Asian fund Hillhouse Investment were among the listing\u2019s so-called cornerstone investors, who acquired stakes before the wider public could buy shares. <\/p>\n<p>They were joined by Oaktree Capital Management as well as units of two Chinese state-owned groups, Postal Savings Bank of China and insurer Taikang Life.\u00a0Cornerstone investors commit to own the shares for a certain period. <\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. CATL shares surged 16 per cent on their debut in Hong Kong on Tuesday as investors raced to back the Chinese battery maker in the biggest listing of a year dominated by Donald Trump\u2019s trade […]<\/p>\n","protected":false},"author":1,"featured_media":248817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[1378,13380,90924,1124,11646,2806,13521],"dealstore":[],"offerexpiration":[],"class_list":["post-248816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-battery","tag-biggest","tag-catl","tag-chinese","tag-listing","tag-maker","tag-surges"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese battery maker CATL surges 16% in biggest listing of 2025 - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=248816\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese battery maker CATL surges 16% in biggest listing of 2025 - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. 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