Shares of battery maker CATL or Contemporary Amperex Technology Co Limited, soared more than 13%, after the company’s debut in Hong Kong’s stock market on Tuesday. The company raised a whopping $4.6 billion, making it the biggest initial public offering anywhere in the world so far this year.CATL is a global leader in electric vehicle battery manufacturing, producing more than a third of all EV batteries sold worldwide. The company’s secondary listing in Hong Kong comes as it ramps up efforts to expand globally, especially across Europe.The stock jumped to a high of HK$299.80 during morning trading, recording a 13.7% rise from its listing price of HK$263.00. Expansion CATL is already listed on the Shenzhen Stock Exchange in southern China, and its secondary listing in Hong Kong was announced last December. The funds raised from the Hong Kong listing are expected to fuel CATL’s overseas growth. The company is already building a second European factory in Hungary, following the opening of its first in Germany last year. It has also partnered with automotive giant Stellantis on a $4.6 billion battery plant in Spain, due to begin production by late 2026.Blockbuster listingTuesday’s listing comes as Hong Kong’s stock exchange looks forward to bringing back major Chinese firms, aiming to reclaim its title as the world’s premier IPO venue. The financial markets had seen a downturn in new listings after a regulatory crackdown by Beijing in 2020 prompted several mainland giants to hold their IPO plans.Controversial IPOMeanwhile, CATL’s debut has not been without controversy. In January, the US defence department designated the company as a “Chinese military company.” In April, the US house select committee on the Chinese Communist Party urged JPMorgan and Bank of America to back out of the IPO. Both banks, however, remained involved in the deal.CATL has rejected the allegations, saying it has never engaged in any military-related activities. Beijing also criticised the US listing as political “suppression”.In a strategic move to minimise potential legal fallout, CATL structured the deal as a Regulation S offering, meaning shares cannot be sold to US-based investors.Founded in 2011 in the Chinese city of Ningde, CATL flourished on the back of China’s booming EV sector, strong state backing, and partnerships with major automakers including Tesla, Mercedes-Benz, BMW and Volkswagen.