CATL’s 12.5% debut in the year’s biggest IPO boosts Hong Kong to No 1 in global ranks

Trading under the stock code 3750, CATL shares first changed hands on Tuesday at HK$296, or 12.5 per cent above the offer price of HK$263, in a stock offering that raised HK$35.7 billion (US$4.6 billion).

The stock surged to HK$307.60 at the local noon trading break. In Shenzhen, CATL’s shares advanced 1.5 per cent to 263.96 yuan (HK$285.98). The company has a market capitalisation of US$339.3 billion based on current stock prices.

The gain suggests strong but unfulfilled demand for the shares of the world’s largest maker of batteries for electric vehicles, which aims to increase its 38 per cent control of the global EV battery market. Retail investors in Hong Kong borrowed more than HK$282 billion in margin financing from brokerages to bid for CATL, or 105 times the value of shares allocated to them in the offering, according to data compiled by Futu Securities.

Robin Zeng Yuqun, the founder and chairman of CATL, speaks during the listing ceremony at the HKEX Connect Hall in Central on May 20, 2025. Photo: Sun Yeung

“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,” founder and chairman Robin Zeng Yuqun said, before beating a ceremonial gong to mark the start of trading at the Hong Kong stock exchange. “CATL is not just a battery component manufacturer; we are a system solution provider and are committed to becoming a zero-carbon technology company.”

South China Morning Post