Contemporary Amperex Technology Co. Ltd. (CATL), the world's largest electric vehicle battery manufacturer, saw its stock surge 5.23% in early trading on Wednesday, continuing its strong performance following its Hong Kong debut. This upward momentum comes after the Chinese battery giant raised nearly $4.6 billion in the world's largest equity offering of the year.

CATL's shares had already skyrocketed 16% during their Hong Kong trading debut on Tuesday, reflecting strong investor confidence in the company's growth prospects. The successful listing, which saw CATL sell 135.6 million shares at HKD$263 each, has boosted the company's valuation to approximately $175 billion. This represents an 8% premium compared to its stock prices in mainland China.

The impressive performance of CATL's stock underscores the growing global demand for electric vehicle batteries and the company's dominant position in the market. With a global market share approaching 30%, CATL is well-positioned to capitalize on the expanding electric vehicle industry, particularly as it seeks to expand its presence in Europe with the funds raised from this offering.

Investors appear optimistic about CATL's future prospects, especially given the company's status as a key supplier to major electric vehicle manufacturers like Tesla. The continued stock price appreciation suggests that market participants believe in CATL's ability to maintain its leadership in the rapidly evolving electric vehicle battery sector.