For investors, the allure of buying into a blue-chip stock at the forefront of electric-vehicle technology outweighed the risks of getting caught up in the ongoing turbulence in Sino-US relations. The success of the stock offering, which may increase to US$5.3 billion ($6.83 billion) if CATL exercises an option to do so, single-handedly doubled Hong Kong’s proceeds from listings this year and could embolden other companies to go public.
Contemporary Amperex Technology Co. Ltd. jumped in its Hong Kong trading debut after the Chinese battery giant wrapped up the world’s biggest listing this year by raising HK$35.7 billion ($5.91 billion) despite being blacklisted by the Pentagon and grinding through geopolitical storms.
Shares of CATL, as the largest maker of electric-vehicle batteries is known, climbed 16% to HK$306.20 on Tuesday. Though Hong Kong shares of Chinese companies typically trade at a discount to those in the mainland, CATL soared above its stock price in Shenzhen, where it rose 1.2%.
