May 13, 2025 | Hong Kong — Chinese battery giant CATL has raised approximately HK$35.66 billion (US$4.6 billion) through its H-share listing on the Hong Kong Stock Exchange, making it the largest global IPO of 2025 so far. The offering was priced at HK$263 per share, the top end of the proposed range.
The IPO attracted strong investor interest, with over 20 cornerstone investors, including Sinopec and the Kuwait Investment Authority, committing approximately $2.6 billion. Institutional investors were allocated 125.4 million shares, while retail investors in Hong Kong received 10.16 million shares.
Approximately 90% of the proceeds will be allocated to fund the construction of CATL’s new battery factory in Debrecen, Hungary, aimed at supplying European automakers such as BMW, Stellantis, and Volkswagen.
Despite the company’s substantial cash reserves, CATL pursued this listing to bolster its valuation, diversify its shareholder base, and establish an offshore financing platform to support its aggressive global expansion, including projects in Germany, Hungary, Spain, and Indonesia.
Trading of CATL’s H-shares is scheduled to commence on May 20 under the stock code 3750.