Contemporary Amperex Technology Co. Limited (CATL, stock code: 03750), the world's leading electric vehicle battery manufacturer, officially listed on the Hong Kong Stock Exchange today (May 20), marking the largest global IPO of the year. Financial Secretary Paul Chan highlighted the dual significance of the listing during the ceremony.
Boosting Confidence in Hong Kong's Market
Chan emphasized that CATL's debut reflects strong corporate and investor confidence in Hong Kong's stock market. "Hong Kong's robust market performance and the stability of the Hong Kong dollar have fostered positive sentiment, creating favorable conditions for new listings," he said. The IPO is expected to enhance market liquidity and optimize market structure, particularly amid global geopolitical uncertainties and increasing demand for diversified investment portfolios. Chan added that Hong Kong remains a critical fundraising hub for mainland and international companies seeking growth opportunities.
Accelerating Global Expansion via Hong Kong
The listing also underscores mainland enterprises' strategic use of Hong Kong to accelerate global ambitions. CATL, a linchpin in the global new energy supply chain, plans to allocate part of the raised capital to expand its manufacturing plant in Hungary. Chan noted, "Leveraging Hong Kong's platform for international financing aligns with the trend of mainland companies 'going global,' signifying a new chapter in Hong Kong's role in supporting national development strategies."
Hong Kong as a Global Hub
CATL has established its international headquarters and an R&D center in Hong Kong, consolidating resources for financing, global operations, and innovation. Chan praised the move, stating it "fully utilizes Hong Kong's unique advantages as a bridge connecting mainland China and global markets."
Market Debut Performance
Shares of CATL opened at HK$296 on their first trading day, a 12.5% premium to their IPO price of HK$263. Early trading saw nearly HK$1.4 billion in turnover. Investors holding one lot (100 shares) gained an initial paper profit of HK$3,300, excluding fees.
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