After generating $4.6 billion in the year’s largest IPO, which primarily excluded Americans, shares of modern Amperex Technology Co., the largest producer of electric batteries worldwide, increased by as high as 18% on Tuesday.
In Hong Kong, the offering was carried out in accordance with Regulation S. This implies that it can be sold in the US without registration. However, participation was open to U.S. institutional investors with offshore accounts.
Despite CATL’s inclusion on a Pentagon list of Chinese corporations with military connections, the listing was underwritten by American firms such as Morgan Stanley, JPMorgan, Goldman Sachs, and Bank of America.
Prior to reaching a peak of HK$311.40, CATL had priced its initial public offering (IPO) at HK$263.
With 362 billion yuan in revenue, the corporation earned 52 billion yuan ($7.2 billion) last year.
About 70% of its income last year came from batteries for electric vehicles, where it leads the market share, surpassing BYD and LG Energy Solution as a supplier to Tesla and Volkswagen, among other companies.
Additionally, it contributes to energy storage system batteries, which power data centers. According to its prospectus, CATL held the largest portion of that market last year, at 37%.
