CATL, the world’s largest maker of electric-vehicle batteries, is expanding production, while Honda is cutting spending plans. Oddly, both stocks are up.

Hong Kong-trade shares in CATL, the world’s largest maker of batteries for electric vehicles, have jumped after the company raised around $4.6 billion in the biggest initial public offering globally this year.

With total assets of $53.7 billion, FWD Group has launched its fourth IPO attempt in Hong Kong, tapping into surging investor interest following battery giant CATL’s landmark listing.