Shares in Chinese electric vehicle (EV) battery maker Contemporary Amperex Technology (CATL) closed up 16 percent after they debuted at the Hong Kong Stock Exchange (HKEX) on Tuesday, raising 4.6 billion U.S. dollars in the world's biggest initial public offering (IPO) this year.
On its listing day, CATL opened at 296 Hong Kong dollars, rising 12.55 percent from its offering price of 263 Hong Kong dollars. The stock closed at 306.20 Hong Kong dollars a share.
CATL's Hong Kong IPO attracted a diverse range of investors from 15 countries and regions, including sovereign wealth funds, industrial investors, and long-term institutional investors. The listing process was completed in just 128 days.
"As a global company, we need a global capital market platform. Overseas capital markets offer higher efficiency, and we need this as we expand our production capacity globally. A fast and effective capital market is crucial for us," said Wang Hongbo, CATL's Chief Investment Officer.
"As we are a leading company in this industry, global investors want to share in our growth opportunities. This also reflects the positive re-evaluation of Chinese technology companies," Wang added.
At the end of 2024, CATL operated six global research and development centers and 13 battery production bases, with service networks spanning 64 countries and regions.
The company's profitability has grown consistently, with profits reaching 33.5 billion yuan (about 4.64 billion U.S. dollars), 47.3 billion yuan (about 6.56 billion U.S. dollars), and 55.3 billion yuan (about 7.67 billion U.S. dollars) in 2022, 2023, and 2024, respectively.
CATL set a record for the lowest discount rate for A-share companies issuing H-share IPOs in the past decade. Expert said that this fully reflects the optimism among international investors about China's new energy sector.
"Several A-share companies in the new energy industry chain have applied for H-share listings, and we expect more new energy companies to issue shares in Hong Kong. These projects are likely to continue attracting strong interest from both domestic and international institutional investors," said Cong Hui, head of capital markets department of China International Capital Corporation (CICC).
Shares in Chinese battery giant CATL close up 16 pct on Hong Kong debut
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
