Contemporary Amperex Technology (CATL), a China-based battery manufacturing company, has announced its listing on the Hong Kong Stock Exchange’s main board.

The listing’s global offering included 135 million shares before the greenshoe option for HKD263 (~$33.61) per share. CATL said this would make it the first A-share company to seek a secondary listing in Hong Kong with a price cap for the issuance.

The company’s initial public offering took 128 days to complete. It did not offer any share price discount. CATL’s stock opened at HKD296 (~$37.83) per share, a 12.55% increase from the offered price.

CATL said its offering attracted investors from 15 countries and regions. These investors included sovereign wealth funds, industrial capital, long-term institutions, insurance capital, and multi-strategy funds.

Outside of ESS solutions, CATL develops batteries for passenger vehicles such as cars and commercial applications such as buses, trucks, boats, and other industrial and commercial vehicles. It is also involved in battery recycling.

Recently, it introduced its standardized battery swap block and full-scenario chassis-swap solutions for heavy-duty trucks.

China continues to lead battery production, accounting for over 75% of the global supply. In 2024, the country’s battery prices declined more rapidly than anywhere else, dropping by nearly 30%. Chinese batteries were 30% cheaper than their European counterparts and 20% less expensive than those produced in North America.

An International Energy Agency report said that over 70% of all EV batteries are produced in China, and companies like CATL and BYD have leveraged manufacturing expertise to scale production rapidly and improve efficiency.

According to BloombergNEF’s fifth edition of the Global Lithium-Ion Battery Supply Chain Ranking, China overtook Canada to return as the leading lithium-ion supply-chain country in 2024. Low commercial electricity prices and advancing infrastructure primarily drove China’s rankings. Despite diversifying efforts, the country continues to host a heavily concentrated refined supply of battery raw materials. Capacity additions across the manufacturing value chain are also centered in China.