Hong Kong. Shares in CATL, the world’s largest maker of batteries for electric vehicles, jumped more than 16 percent Tuesday in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest initial public offering this year.

The solid reception for the Chinese company, Contemporary Amperex Technology Co., in Hong Kong suggests there is still an appetite among international investors for leading Chinese manufacturers despite trade tensions between Beijing and Washington.

It sold more than 135 million shares at their maximum offer price, 263 Hong Kong dollars ($33.6) each. Its shares rose after they started trading at 296 Hong Kong dollars ($37.80), 12.5 percent higher than their offer price. They closed 16.4 percent higher.

CATL also has shares listed in Shenzhen, a business hub neighboring Hong Kong. They initially fell but then edged 1.2 percent higher.

A supplier to automakers like Tesla, Volkswagen, BMW, Mercedes-Benz, Ford, Toyota and Honda, CATL held a nearly 38 percent global market share for EV batteries in 2024, its listing documents showed.

The company has faced pressure from the United States. In January, the US Defense Department added it to a list of companies it says have ties to China’s military, an accusation that CATL denied. It called the inclusion a “mistake.”

In April, John Moolenaar, chairperson of the US House Select Committee on China, wrote to the CEOs of JPMorgan Chase & Co. and Bank of America to demand that the two American banks withdraw from their work on CATL's IPO. But the two banks stayed on.

In the US, Ford Motor Co. is licensing technology from CATL to build batteries, but the plan faces resistance from some Republican lawmakers, who have expressed concern that the Chinese company could benefit from US tax dollars.

Because the US has listed CATL as having ties to the Chinese military, the share offering excluded onshore US investors. However, many large US institutional investors have offshore accounts that allow them to participate.

The company said it plans to use most of the net proceeds from its IPO to build its factory in Hungary, meant to bring it closer to the manufacturing facilities of its main European customers.

Government officials, including Hong Kong’s Financial Secretary Paul Chan, attended its gong-striking ceremony in the city’s vibrant business district, Central, on Tuesday. The company's chairman Robin Zeng said his business is committed to becoming a zero-carbon technology company.

“Listing in Hong Kong means we are more broadly integrated into the global capital markets, and it’s also a new starting point for us to promote the global zero-carbon economy,” Zeng said.

Zeng, who trained as a physicist, helped found Amperex Technology Ltd. in 1999. It mainly was engaged in research and development and manufacturing of consumer lithium batteries. The company was sold to Tokyo-listed TDK Corporation in 2005, but Zeng continued to oversee the firm's management until 2017, its listing documents say.

In 2011, a team led by Zeng founded CATL, headquartered in the businessman's hometown of Ningde in Fujian province in southeast China. The literal meaning of the company's Chinese name is “Ningde Era."

CATL says it has the broadest coverage of EV battery users globally, with its batteries installed in over 17 million EVs, or one in every three EVs worldwide, as of the end of 2024.

Terence Chong, executive director of the Lau Chor Tak Institute of Global Economics and Finance at the Chinese University of Hong Kong, said Hong Kong hasn’t seen an IPO of this size in a while and the listing may boost such activity in the city.

The exclusion of US investors had little impact since there was sufficient demand for CATL's offering, he said.

CATL recorded a profit of 55.3 billion yuan ($7.6 billion) in 2024, up 16.8 percent from 2023. Its listing surpassed JX Advanced Metals’ $2.9 billion IPO in Japan in March, which was previously the largest this year, according to Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.