Turning heads in global financial circles, the world’s largest electric vehicle (EV) battery maker, Contemporary Amperex Technology (CATL) has pulled off the biggest IPO of the year so far.
Despite the ongoing geopolitical headwinds and its name appearing on a Pentagon blacklist, the Chinese powerhouse listed on the Hong Kong Stock Exchange on May 20, raising a staggering $4.6 billion.
Interestingly, this EV maker is already a stock market heavyweight on China’s Shenzhen Stock Exchange. CATL’s Hong Kong debut is not just about capital, it is also a strategic signal as well. With a market valuation over 1 trillion yuan (roughly $138.7 billion), CATL is also planting another flag in one of Asia’s most prominent financial hubs.
CATL shares saw a double-digit percentage surge. The overwhelming demand even pushed CATL to raise more than the initially targeted $4 billion, increasing the deal size at the last moment.
Where the money’s going: Hungary in focus
About 90% of the funds raised are expected to go into building a new battery manufacturing plant in Hungary, a step in CATL’s plan to strengthen its presence in Europe.
Furthermore, as electric mobility booms globally, it is also planning to go-to as a supplier for major carmakers beyond China’s borders.
Largest global IPO of 2025 so far
CATL’s $4.6 billion IPO now tops the global IPO leaderboard for 2025, beating Japan’s JX Advanced Metals which raised $2.98 billion. Even South Korea’s much-anticipated LG CNS IPO, which pulled in $820 million, pales in comparison. As of now, CATL’s raise is more than five times that figure.
Moreover, the listing of this IPO came amid rising US – China tensions and even resistance from Washington.
About Contemporary Amperex Technology
CATL, based in Ningde, Fujian, has made its position as the world’s largest maker of lithium-ion batteries for electric vehicles and energy storage systems. Founded in 2011 as a spin-off from Amperex Technology Limited (ATL), CATL now controls around 37% of the global EV battery market and 40% of the energy storage segment. Its client list includes global auto giants like Tesla, BMW, Volkswagen, and General Motors.
The company is also expanding rapidly with new facilities, including a major plant in Hungary, as part of its international growth strategy. On the sustainability front, CATL has announced plans to achieve carbon neutrality in its core operations by 2025, and across its entire supply chain by 2035.