The News
Shares in the Chinese batterymaking behemoth CATL surged on their debut today, underlining its dominant role in the energy transition.
The company accounts for nearly 40% of the global market for electric vehicle batteries, and its profits in the first quarter grew at their fastest pace in almost two years.
CATL’s IPO, the world’s biggest so far this year, also continues a revival for Hong Kong’s stock exchange, which had seen listings fall off in recent years as China has grappled with an economic slowdown.
Yet American threats to delist Chinese companies from US exchanges as part of the two countries’ trade war have buoyed Hong Kong’s prospects: Several Deloitte China clients are reportedly preparing for the possibility.
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