On May 27, Chinese EV battery giant CATL raised HK$41 billion (about $5.23 billion) in the world’s largest IPO of 2025 on the Hong Kong Stock Exchange. Shares jumped 16.4% on its debut, with JPMorgan Chase underwriting the deal that propelled the bourse to the top of global rankings. “CATL’s Hong Kong listing is a significant milestone, not just for the company but for the broader regional market,” said Joshua Chu, a Hong Kong-based lawyer at CITD. “The scale of the IPO, given the current