Shares in China’s Contemporary Amperex Technology (CATL), the world’s largest electric vehicle battery maker, have surged as much as 18% on its first day of trading in Hong Kong, shrugging off geopolitical uncertainties.

EV battery maker’s shares advance 16.4 per cent to close at HK$306.20 on the first day of trading in the city.

Contemporary Amperex Technology Co., the world’s largest maker of electric batteries, saw its shares rise as much as 18% on Tuesday after raising $4.6 billion in the top initial public offering of the year — and it mostly excluded Americans from participating.

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.

It is closed at HK$287 on Phillip's grey market, 9.1% higher than the grey market's IPO price of HK$263. Based on 100 shares per lot, excluding handling fees, the book value gain per lot is HK$2,400.

The company secured offtake agreements from Europe and the United States but did not specify which firms were looking to procure the EV batteries produced through theproject.

The world’s biggest IPO this year excludes U.S. onshore investors. The decision reduces geopolitical risks that loom over Chinese battery maker Contemporary Amperex Technology's $4 billion Hong Kong debut.

Robinhood rival EToro Group raised nearly $620 million in its IPO. Meanwhile, Ryan Reynolds's MNTN is considering launching its IPO as soon as this week. And CATL, a Chinese maker of EV batteries, is poised to raise at least $4 billion in Hong Kong.