China's leading battery maker Contemporary Amperex Technology Co (CATL) made another IPO at the Hong Kong Stock Exchange on Tuesday, with its shares opening 12.55 percent higher at HK$296, reflecting the increasing appeal of the company’s dual-listing strategy, winning access to broader capital pools and enhance its international visibility.
The Hong Kong listing process was completed in just 128 days from launch, CATL said in a press release sent to the Global Times on Tuesday.
The offering attracted investments from sovereign wealth funds, industrial capital, long-term institutional investors, insurance funds, and multi-strategy funds from 15 countries and regions.
The company emphasized that its successful debut at the Hong Kong Stock Exchange marks a deeper integration into the global capital market, further strengthening its international footprint.
CATL’s prospectus reveals that approximately 90 percent of its IPO proceeds will go to fund the first and second phases of its Hungary battery plant. With rising demand for clean power and energy storage batteries in Europe, localized production is crucial for strengthening client partnerships and advancing its international strategy, the company noted.
CATL’s listing on the Hong Kong market coincides with a trend of Chinese companies—ranging from consumer brands to tech firms—seeking dual listings on both the A-share and Hong Kong exchanges to advance their globalization strategies, analysts said.
For these firms, a Hong Kong listing aligns with their globalization efforts. As a global financial hub, Hong Kong attracts worldwide investors. The dual-listing model not only diversifies the funding sources but also boosts brand visibility, fostering international influence, Xi Junyang, a professor at the Shanghai University of Finance and Economics, told the Global Times on Tuesday.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, highlighted the significance of CATL’s listing. As the world’s largest IPO to date this year, the battery giant has drawn global attention, reinforcing confidence in Hong Kong’s stock market.
Despite geopolitical complexities and the global capital diversification trend, Hong Kong remains an ideal fundraising site for both Chinese mainland and international companies, Chan said.
Hong Kong’s Securities and Futures Commission (SFC) and the HKEX have further fueled this IPO momentum with policy incentives. In May, it launched a dedicated technology enterprises channel to facilitate new listing applications from prospective technology companies.
In April 2024, Chinese mainland securities regulator rolled out five measures to bolster capital market ties with Hong Kong, including encouraging leading mainland firms to list in Hong Kong. In October 2024, the SFC and the HKEX announced fast-track approvals for eligible A-share applicants.
A report by CITIC Securities said that, since Q4 2024, an increasing number of A-share companies have pursued dual listings, with April 2025 alone seeing more disclosures. The brokerage predicts the peak of A-share firms’ Hong Kong listings will arrive in late 2025.
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