CATL’s $4.6 Billion Hong Kong IPO Marks Biggest Global Deal of 2025

The world’s largest electric vehicle (EV) battery manufacturer, CATL has executed the biggest IPO of 2025 so far. Despite geopolitical challenges and being listed on the U.S. Pentagon blacklist, the Chinese firm successfully completed its secondary listing on the Hong Kong Stock Exchange (HKEX) on May 20, raising approximately $4.6 billion.

The offering included 135 million shares priced at HKD 263 (about USD 33.58) each, with shares surging over 12% to HKD 296 on the first day of trading. The IPO was massively oversubscribed—about 150 times by the public—highlighting strong investor demand. CATL, already listed on the Shenzhen Stock Exchange, continues to attract attention as a key supplier for global automakers such as Tesla, Mercedes, and Volkswagen, even amid international trade tensions and regulatory scrutiny.

CATL’s shares surged with a double-digit percentage increase on the first day of trading, an overwhelming investor demand that led the company to raise more than the initially planned $4 billion, expanding the size of the deal at the last minute. The majority of the funds—around 90%—are earmarked for building a new battery manufacturing facility in Hungary, marking a key step in CATL’s strategy to boost its footprint in Europe. 

With its $4.6 billion fundraising, CATL now holds the title for the largest global IPO of 2025 so far, surpassing Japan’s JX Advanced Metals, which raised nearly $3 billion, and South Korea’s LG CNS, which brought in $820 million. 

CATL supplies lithium-ion batteries not only to electric vehicle manufacturers but also to battery energy storage system (BESS) producers and system integrators, while also offering its own BESS products through engineering and procurement firms.

Dr. Robin Zeng, CATL’s chairman and CEO, highlighted the importance of the listing, stating it represents a deeper integration into global capital markets and a significant milestone toward advancing the global transition to a zero-carbon economy. The company recently launched its latest grid-scale energy storage product, the Tener Stack, at the EES Europe trade show in Germany, signaling ongoing innovation in its BESS offerings.

According to CATL’s IPO prospectus, the company controls about 37% of the global energy storage system battery market in 2024—three times larger than its nearest competitor—and holds a similar share in the electric vehicle battery sector. While overseas sales accounted for roughly 30.5% of revenue in 2024, domestic sales still make up the majority. 

The company faces challenges such as a recent decline in energy storage segment revenue due to market price drops and increased tariffs from the U.S., but it remains optimistic given strong industry growth driven by rising electricity demand, policy support, and the expansion of renewable energy projects.

Founded in 2011 as a spin-off from Amperex Technology Limited (ATL), CATL currently commands about 37% of the global EV battery market and approximately 40% of the energy storage segment. 

Its prestigious client portfolio includes major automakers such as Tesla, BMW, Volkswagen, and General Motors. As part of its global expansion strategy, the company is rapidly growing its manufacturing capacity, notably through a significant new plant in Hungary. On the sustainability front, CATL has committed to achieving carbon neutrality in its core operations by 2025 and across its entire supply chain by 2035.

Research cited in CATL’s IPO prospectus highlights rapid growth trends in the battery energy storage system (BESS) market. Between 2024 and 2030, the data center-tied segment is expected to expand three times faster than the front-of-meter segment and twice as fast as the behind-the-meter segment. 

Bonnie Chan, CEO of the Hong Kong Exchanges and Clearing Limited (HKEX), remarked that CATL’s IPO is the largest in Hong Kong in recent years and the biggest globally so far this year, underscoring the strength and capacity of the Hong Kong market to support major financing deals. 

The resurgence of IPO activity continues with investors closely watching upcoming listings like Jiangsu Hengrui Pharmaceuticals in Shanghai, Singapore’s biotech startup Mirxes Holding, and IFBH Limited, the world’s second-largest coconut water bottler.