CATL makes debut gains after world’s biggest listing
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The news: Contemporary Amperex Technology Co. Limited (CATL) shares have soared after the Chinese company debuted on the Hong Kong stock in the world’s largest listing this year.
The numbers: CATL shares were up 17.0% at HK$307.6, up from the initial maximum offer price of HK$263 ($52.2), at 1:59pm AEST. Hong Kong's benchmark Hang Seng Index was up 1.29% at 2:05pm.
CATL shares listed on the Shenzhen stock exchange are also up by 1.52% at the lunch break in trading, recovering from an initial fall this morning.
The context: CATL is the world’s largest electric vehicle battery company. It currently has a market capitalisation of HK$41.7 billion ($8.27 billion). CATL debut alone has doubled the value of Hong Kong stock exchange listings this year.
Much of the funds raised will support its expansion in Europe, particularly in Hungary where it plans to invest more than €7 billion ($12.3 billion) building a second battery factory in the continent.
The sources: Hong Kong Stock Exchange, Bloomberg
