Chinese battery maker CATL surges 16% in biggest listing of 2025

Good morning and welcome to FirstFT. Right here’s what’s on at the moment’s information agenda:

• China’s battery chief CATL surges on debut after greatest itemizing of 2025

• Donald Trump’s “huge, lovely” tax invoice heightens issues over US debt

• Poland’s inventory market emerges as one of many world’s top-performing bourses

The market worth of Chinese language battery maker CATL, already the world’s largest itemizing of the yr to date, simply received loads greater as shares soared greater than 16 per cent on their first buying and selling day in Hong Kong.

What occurred: The secondary providing raised at the very least $4.6bn, with the quantity set to rise to $5.3bn if an possibility permitting underwriters to promote extra shares than deliberate is exercised. It’s among the many largest choices in Hong Kong by Chinese language corporations already listed on the mainland in recent times, with CATL additionally quoted in Shenzhen. CATL founder Robin Zeng, who banged a gong to have a good time the beginning of buying and selling on the Hong Kong inventory trade, mentioned the corporate was not glad with being “only a battery part producer” and was poised to be the “pioneer” of the zero-carbon financial system.

Why it issues: CATL accounts for about 37 per cent of the world’s EV and power storage battery markets. A provider to Tesla, BMW and Volkswagen, the cash-rich firm had sought an offshore itemizing to lift non-renminbi funding for its abroad growth, notably a $7.3bn manufacturing unit in Hungary. The itemizing had the help of American banks, whereas a US asset administration agency was a key investor, regardless of the geopolitical tensions swirling across the deal. In January, the battery maker was added to a Pentagon blacklist of corporations believed to have ties to the Chinese language army, though it has denied any such hyperlinks.

Right here’s what else we’re preserving tabs on at the moment:

• Financial knowledge: Germany points April producer worth index inflation price knowledge whereas Canada provides its month-to-month price of dwelling replace utilizing the buyer worth index measure.

• Excessive-level conferences: G7 finance ministers and central bankers are in Canada for a three-day gathering. In Brussels, Kaja Kallas, the EU excessive consultant for overseas affairs and safety coverage, chairs a gathering with the bloc’s overseas and defence ministers.

• Firms: Google holds its annual developer occasion in California, the place it’s anticipated to unveil new merchandise. Shell holds its annual assembly and Residence Depot experiences first-quarter numbers. See our Week Ahead newsletter for the complete record.

Be part of us for a subscriber-only webinar on Could 28 for insights into essentially the most consequential geopolitical rivalry of our time: the US-China showdown. Register now and put questions to our panel.

5 extra high tales

1. Donald Trump leaves Russia and Ukraine to settle warfare in talks The US president has claimed that Russia and Ukraine will “instantly” start negotiations on preparations for peace talks, however signalled that he was leaving Moscow and Kyiv to find a deal without the US as a broker.

2. Poland’s inventory market has emerged as one of many world’s top-performing bourses this yr, up greater than 28 per cent yr thus far. The rally has been helped by the nation’s comparatively insulated place from the worldwide commerce warfare and an anticipated enhance from neighbouring Germany’s fiscal “bazooka”. Here’s what analysts are saying.

3. The worth of French grocer On line casino’s debt has slumped to deeply distressed ranges, with merchants now quoting a €1.4bn secured mortgage at 61 cents on the euro. The deep low cost to face worth suggests lenders are braced for the prospect of steep losses as fears develop that continued weak earnings could trigger a breach of its loan covenants next year.

4. Donald Trump’s “huge, lovely” tax invoice heightens issues over US public debt, sparking alarm amongst traders and fuelling questions over how long the world will finance Washington’s largesse.

5. Benjamin Netanyahu mentioned Israel deliberate to take over all of Gaza because the nation escalated its offensive within the war-torn enclave. The Israeli army yesterday informed all residents of the southern metropolis of Khan Younis to depart, demanding they transfer west to the so-called Al-Mawasi “humanitarian zone” forward of what it called an “unprecedented attack” on the city.

Visible story

A quickly ageing inhabitants and rising numbers of sufferers with continual sicknesses are putting ever larger calls for on an already overstretched NHS. The UK authorities’s promised 10-year well being plan goals to repair this, with ministers arguing that the reply lies in higher use of expertise and knowledge in the world’s largest publicly funded health service.

We’re additionally studying . . . 

Chart of the day

Whereas markets cheered Donald Trump’s take care of China, huge US retailers are warning of upper costs later this yr throughout a spectrum of products, and small enterprise homeowners say gross sales are already down because the chaos of “liberation day” creates a “ripple impact”. Will the US president’s tariff climbdown save the US from recession?

Take a break from the information

At present’s really useful learn poses an vital query: do you let your dog sleep on your bed? For Hannah Shuckburgh, the reply is sure, and he or she explores why canines make such fantastic bedfellows.

Further contributions by Camille De Guzman and Benjamin Wilhelm