The Chinese company Catl, the world’s largest battery manufacturer, has announced the sale of 62.4 million shares on the Hong Kong stock exchange, in China, for a total value of 5 billion dollars. The company is trying to capitalize on the growing investor interest in “clean technologies”: since the start of the war in Iran, which led to the closure of the Strait of Hormuz and a sharp rise in fossil fuel prices, Catl’s stock has gained 40 percent and its market capitalization is 294 billion dollars.
WHERE CATL’S REVENUES COME FROM
In the first quarter of 2026, Catl’s net profit increased by 48.5 percent year-on-year, exceeding 3 billion dollars; analysts had expected a much more modest growth, around 21 percent. Revenues also beat observers’ estimates: they grew by 52.5 percent to about 18 billion dollars, while forecasts indicated a gain of 35.7 percent.
The largest contribution to Catl’s revenues comes from batteries for electric vehicles, where it dominates the global market with a 42 percent share, but it is also very present in the energy storage battery sector, useful for supporting renewable parks and stabilizing the power grid.
LISTING IN SHENZHEN AND HONG KONG
Catl is headquartered in Ningde and in 2018 it was listed on the Shenzhen stock exchange, in mainland China. In 2025 it decided to also list on the Hong Kong stock exchange to take advantage of the special regime to which this administrative region is subject, which is still part of the People’s Republic of China but is not subject to equally strict controls on capital flows.
At the Hong Kong listing last year, the company raised about 5 billion dollars and said it would invest most of it in financing a battery factory in Hungary. Catl can more freely dispose of the capital raised on the Hong Kong stock exchange and also use it abroad, unlike those obtained in mainland China: it is therefore likely that it will use them to finance its international expansion – it is working on a battery factory in Spain together with Stellantis, for example – and to offset the slowdown in electric car sales in China, the largest market in the world for this type of vehicle.
Since their debut, Catl’s shares on the Hong Kong stock exchange have risen by over 155 percent, although they represent only a small part of the total of its listed shares.
