China's CATL soars nearly 30% in two days in the world's largest IPO of 2025.

China's Contemporary Amperex Technology (CATL) , the world's largest maker of electric vehicle batteries , gained another 10% today after having risen more than 16% yesterday in its debut on the Hong Kong Stock Exchange , which marked the world's largest IPO in 2025 at around $5.3 billion.

Specifically, the shares rose 10.19% to around HK$337.4 ($43.08, €38.05) per share on Wednesday, representing a cumulative gain of 28.29% compared to the initial price of HK$263 ($33.60, €29.68).

The trade press had previously reported that CATL's secondary share offering in Hong Kong —it has been listed in neighboring Shenzhen since 2018—would be the largest in the semi-autonomous Chinese region since 2021, surpassing that of home appliance manufacturer Midea, which raised around $4.6 billion in September 2024.

It is also higher than the one carried out by Japanese company JX Advanced Metals last March, which, with around $2.9 billion, had climbed to the top of the 2025 initial public offering table.

CATL, based in the southeastern city of Ningde, said last week it expected to raise at least HK$31.006 billion ($3.984 billion, 3.548 billion euros) by selling at least 117.9 million shares.

And this week, the battery manufacturer confirmed that it had exercised both its greenshoe option and an overallotment option, bringing the total offering to approximately HK$41.006 billion ($5.264 billion, €4.687 billion).

This anticipated transaction has been overshadowed by tensions between China and the United States, especially after Washington blacklisted CATL last January on a list of companies with alleged ties to the Chinese military, something the technology company has repeatedly denied , although it maintains that the designation will have little impact on its business.

CATL has a global market share of 37.9%, surpassing BYD (17.2%) and South Korea's LG Energy Solution (10.8%).

CATL has a global market share of 37.9% , surpassing its compatriot BYD (17.2%) and South Korea's LG Energy Solution (10.8%). The company will use the majority of the funds raised to finance the construction of a battery factory in Debrecen, Hungary, to supply major clients such as Germany's Mercedes-Benz.

In addition, its founder and president, Robin Zeng , indicated yesterday that CATL hopes to achieve carbon neutrality at all of its battery factories this year.

At the end of 2024, CATL formalized an agreement with the automotive group Stellantis to open a 50%-owned factory near Zaragoza (northeast Spain) with an investment of approximately €4.1 billion. The complex is expected to be operational by 2028, employing approximately 3,000 people and producing one million batteries annually.