Investing.com-- Shares of Contemporary Amperex Technology Co Ltd (CATL) (HK:3750), the world’s largest electric vehicle battery manufacturer, extended sharp gains on Wednesday following a robust debut on the Hong Kong Stock Exchange.
Shares of CATL, a key supplier to Tesla Inc (NASDAQ:TSLA), surged over 9% in early trading, building on Tuesday’s impressive 16% jump, which marked one of the strongest debuts for a major listing in recent years.
The rally reflects strong investor confidence in CATL’s global expansion plans and its dominant position in the EV battery market.
CATL raised approximately $4.6 billion through its Hong Kong listing, pricing 135 million shares at HK$263 each. Shares of the company opened significantly above the offer price and closed at HK$306.20 on Tuesday.
The proceeds are earmarked for international growth initiatives, including a battery plant in Hungary and joint ventures in Spain and Indonesia.
Despite geopolitical tensions and U.S. sanctions designating CATL as a national security concern, the company’s shares have attracted significant interest from global investors.