On May 27, Chinese EV battery giant CATL raised HK$41 billion (about $5.23 billion) in the world’s largest IPO of 2025 on the Hong Kong Stock Exchange.
Shares jumped 16.4% on its debut, with JPMorgan Chase underwriting the deal that propelled the bourse to the top of global rankings.
“CATL’s Hong Kong listing is a significant milestone, not just for the company but for the broader regional market,” said Joshua Chu, a Hong Kong-based lawyer at CITD.
“The scale of the IPO, given the current global macroeconomic headwinds and the cautious investor sentiment in Asia, is impressive,” he added.
The advisers also managed a complex dual-listing process, underscoring Hong Kong’s growing capability to handle large strategic offerings. After all, these were some of the most seasoned global and regional financial institutions and law offices, according to Anandaday Misshra, managing partner of Indian law firm AMLEGALS.
“It is clear that CATL has leaned on deep institutional and sectoral expertise to structure a deal of this magnitude,” Misshra added.
Also, CATL’s Hong Kong listing “shows growing confidence in zero-carbon technologies and the companies building them,” Kapil Dhiman of Quranium said.
“As a company building secure digital infrastructure for the future, we see this as a sign that Hong Kong is ready to play a leading role again in supporting bold, forward-looking industries,” Dhiman adds.
CATL reported a 40% year-on-year increase in EV battery deliveries in the first quarter of the year. Seoul-based SNE Research suggests it also acquired a 38.2% global market share.
CATL’s Hong Kong listing proceeds would be utilized for factory construction in foreign markets—accounting for 30% of its total revenue.
“For now, it looks far more like a war chest. The large earning to spending suggests China will take up any new technologies slowly anyway,” said economist Dr. Bryane Michael of Oxford University.
CATL’s IPO also reflects a broader shift in global capital flows.
“As US-China trade tensions ease, Chinese equities have rebounded strongly, while ongoing US-EU tariff disputes and political uncertainties continue to weigh on US markets,” Chu said. “Hong Kong’s mature market infrastructure and strategic positioning make it an increasingly attractive destination for international investors seeking stability and growth in Asia.”
