HONG KONG, March 29, 2026, 18:24 HKT
Mainland investors held 5.82 million shares in Contemporary Amperex Technology Co., Limited’s Hong Kong-listed stock, or 3.72% of the issued total, as of March 27, official exchange data showed. The stock closed Friday at HK$634, up 2.9% on the day and about 9% below its March 20 high of HK$698. 1
The latest holding data arrive after a sharp split opened between CATL’s Hong Kong and Shenzhen lines. By March 20, the Hong Kong shares had climbed about 39% since the March 9 earnings beat, versus about 16% for the Shenzhen stock, pushing the premium to a record 48%, Bloomberg reported. 2
The Hong Kong line joined the Hang Seng Index on March 9, widening its exposure to passive and benchmark-tracking money. Mainland access matters too: Southbound Stock Connect is the cross-border channel that lets qualified mainland investors buy eligible Hong Kong shares. 3
Investors got strong numbers earlier this month. Fourth-quarter net profit rose 57.1% to 23.17 billion yuan ($3.35 billion), beating analyst forecasts, while 2025 revenue reached 423.7 billion yuan and net profit hit 72.2 billion yuan, company disclosures showed. 4
CATL also kept its edge over BYD. The company said lithium-ion battery sales rose 39% to 661 gigawatt-hours in 2025 and its global power-battery share reached 39.2%; Reuters, citing SNE Research, said BYD’s share slipped to 16.4% from 16.9%. 5
Energy storage is the other leg of the story. Reuters said CATL’s share of the global market for lithium-ion batteries used in storage systems held at 30% last year while shipments jumped 80%; that business made up 14.7% of group sales. 4
Broader market currents have helped. Reuters reported on March 24 that CATL had gained 15% in March as money moved into Chinese renewable and battery stocks, with Aaron Costello, head of Asia at Cambridge Associates, saying countries now need to focus on “energy security.” Trinity Synergy Investments’ Yuan Yuwei said the oil shock could make buyers have “a second thought on gas-powered cars.” 6
But the picture is not one-way. Reuters said CATL’s gross margins in EV and storage batteries narrowed last year, and BYD’s new fast-charging battery upgrade and plan for 20,000 charging stations by end-2026 raise the pressure in a market already hit by fierce pricing. 4
External politics remain another uncertainty. Questions over CATL’s licensing tie-up with Ford have drawn U.S. scrutiny, even as the company pushes further into Europe and Asia; Citi said in a March 9 note that CATL’s Jianxiawo lithium mine was likely to resume production in June. 4
CATL raised $4.6 billion in its Hong Kong debut in May 2025 and the shares finished their first day 16.4% above the offer price. At Friday’s close, the stock was still trading at more than double its HK$263 listing price. 7
