From Reuters via MSN, May 20:
Shares of Chinese electric vehicle battery giant CATL traded as much as 18.4% above the subscription price on Tuesday after the company raised $4.6 billion in its Hong Kong listing, the largest in the world this year.
CATL shares reached HK$311.40 each in Hong Kong after the firm sold its shares at HK$263 apiece in the listing.
Hong Kong's Hang Seng Index was up about 1.3% during the session.
CATL, which is also listed in Shenzhen, last week raised $4.6 billion in Hong Kong, which was the largest listing in the city since Midea Group raised the same amount last year. CATL's Shenzhen stock was down about 0.5% on Tuesday.
CATL's deal means $7.73 billion has been raised in Hong Kong through initial public offerings and second listings so far in 2025, compared to $1.05 billion at the same time last year, according to LSEG data.
Bonnie Chan, CEO of bourse operator Hong Kong Exchanges and Clearing, said more than 40 firms listed in mainland China, known as A-share companies, were actively exploring Hong Kong listings.
"One major advantage for these companies to pursue a listing in Hong Kong is the fact that would open up an offshore fundraising platform for us to support their offshore expansion plan," Chan said at CATL's listing ceremony at the stock exchange....
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