China's CATL raises $4.6bn from Hong Kong IPO

Market: Battery materials, Metals
20/05/25

China's largest battery producer CATL has raised $4.6bn from the sale of 135.6mn of its shares on the main board of the Hong Kong Stock Exchange today.

This is likely to be the world's largest initial public offering (IPO) in 2025.

CATL's shares hit a high of HK$299.80 ($38.40) in the morning trading session, up by 14pc from its listing price of HK$263.

CATL's Hong Kong IPO is expected to enhance its international brand influence and finance its expansions in the global battery market, according to industry participants.

CATL is not only a battery component manufacturer and system solution provider, but also aims to be a pioneer of the global zero-carbon economy, said company chairman Zeng Yuqun at the listing ceremony. The world's total investments in vehicle electrification will hit $3 trillion by 2030, and more than $10 trillion will be invested in renewable energy by 2050, according to CATL.

CATL's electric vehicle battery installations rose by 40pc on the year to 84.9 GWh in January-March, accounting for 38pc of the world's total installations, data from South Korean market intelligence firm SNE Research show. Its total battery capacity is projected to reach 700-1,000 GWh/yr in 2025, making it the world's first TWh-level battery manufacturer, according to market participants.

The firm has been accelerating expansions outside China in recent years, with projects in Germany, Hungary, Spain, and Indonesia. The company is also facing geopolitical pressure because of the US' higher tariffs on Chinese battery imports and accusations by some US politicians of having supply chain connections to forced labour.

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