Shares of CATL rose 10% again in Hong Kong trading, pushing its market cap to 1.53T Hong Kong dollars. While Xiaomi market cap is 1.41T Hong Kong dollars.

CATL soared more than 16% in their Hong Kong trading debut Tuesday after the Chinese electric vehicle battery maker raised more than $4.5 billion in the world's largest listing this year.

The listing comes as Chinese companies are grappling with the effects of the Trump administration's imposition of tariffs, despite recent rollbacks.

CATL, the world's largest EV battery maker, benefited from investors' faith in the EV boom, and raised 35.51 billion Hong Kong dollars ($4.54 billion) from its secondary listing. (The company is already listed on the Shenzhen Stock Exchange in mainland China.)

CATL's listing is the world's largest this year, according to Dealogic data, exceeding the $1.75 billion raised by liquefied natural gas exporter Venture Global from its January initial public offering or the $1.57 billion by Nvidia-backed AI cloud provider CoreWeave. The second-biggest IPO this year was the $3 billion IPO in March by Japan’s JX Advanced Metals, according to the data provider. 

The company, which is a supplier of EV batteries to companies like Tesla, had sold 135 million shares at 263 Hong Kong dollars ($33.60) each ahead of its secondary listing. Shares closed Tuesday at HK$306.20.

In its prospectus, CATL said that at the end of last year, its "EV batteries were installed in over 17 million vehicles, which represents one in every three EVs worldwide." It said the bulk of the IPO proceeds would go toward funding its plant in Hungary.