CATL to Bar Some US Funds From World’s Biggest Listing of 2025

Contemporary Amperex Technology Co. Ltd., the world’s largest maker of batteries for electric vehicles, is planning to limit the types of US investors that can participate in its Hong Kong listing, an indication that US-China tensions may be spilling into the IPO market.

CATL, as the Chinese company is known, decided to switch the share sale solely to a so-called Reg S offering that doesn’t allow sales to US onshore investors and exempts the issuer from certain US regulatory filing obligations, people familiar with the matter told Bloomberg News last week.

While most large US institutional investors also have ...