CATL), speaks at the listing ceremony at Hong Kong stock exchange on May 20, 2025 in Hong Kong, China. ” width=”970″ height=”647″ data-caption=’Robin Zeng Yuqun speaks at the listing ceremony at Hong Kong stock exchange on May 20, 2025 in Hong Kong, China. <span class=”lazyload media-credit”>Chen Yongnuo/China News Service/VCG via Getty Images</span>’>
Contemporary Amperex Technology Co. Ltd. (CATL), the world’s largest maker of electric vehicle batteries, no longer wants to be just a Chinese powerhouse. With its $4.6 billion Hong Kong IPO this week—the largest globally so far this year—CATL is making its next move clear: Europe. According to its IPO filing, roughly 90 percent of the proceeds will fund a massive new battery plant in Hungary aimed at supplying major European automakers, including BMW, Volkswagen and Stellantis.
The driving force behind CATL’s rise is Robin Yuqun Zeng, the company’s founder and chairperson. The Hong Kong listing cements Zeng’s status as one of the world’s richest people, with a net worth of $39 billion, placing him 42nd globally and fourth in China, according to Bloomberg’s Billionaires Index.
Zeng was born in 1968 in the rural village of Ningde, Fujian province, into abject poverty. A strong student with big ambitions, he was accepted to Shanghai Jiaotong University, one of China’s top institutions, where he majored in shipbuilding. After graduation, he took a job at a state-owned enterprise in Fujian but quit just three months in, moving to Dongguan—one of the few cities at the time where free-market reforms allowed greater career mobility. He joined SAE Magnetics and rose quickly through the ranks. In 1999, he left to co-found Amperex Technology Limited (ATL), which produced lithium batteries for consumer electronics, including the iPhone. While ATL thrived through its partnership with Apple, Zeng pursued a Ph.D. in condensed matter physics at the Chinese Academy of Sciences.
After ATL was acquired by Japan’s TDK in 2005, Zeng remained with the company and in 2012 spun off its electric vehicle battery division into a new firm: CATL. Headquartered in his hometown of Ningde, CATL earned $1.91 billion in revenue in the first quarter of 2025 alone, marking a 33 percent year-over-year increase. Its Chinese name, “宁德时代” (Ningde’s Era), reflects Zeng’s deep ties to his birthplace and his mission to bring prosperity to the region.
Zeng has often been described as a gambler, having taken three major risks in his life: quitting his first job, founding ATL and later launching CATL. A widely shared image shows him standing next to a plaque in his office that reads, roughly, “keep your gambling spirit strong.”
Building CATL wasn’t easy. The company faced fierce competition, especially in securing raw materials and producing high-quality, low-cost batteries for clients like Tesla. In 2020, CATL held just the third-largest global market share; by 2024, it had become the undisputed leader with 36.7 percent. In a 2021 interview, Zeng revealed his vision to replace all fossil fuel-powered products with clean electric alternatives—framing CATL’s mission as just beginning
The company’s expansion into Europe comes at a critical moment. Chinese EV makers like BYD are also targeting the region, U.S.-China tensions are escalating, and the Trump administration has imposed 25 percent tariffs on Chinese auto imports.
Earlier this year, the U.S. placed CATL on a defense-related watchlist over alleged ties to the Chinese military—claims the company has denied. Both the U.S. and E.U. are tightening tariffs on Chinese EVs and components, raising concerns about how far CATL can extend its global reach.
Still, investor confidence appears strong. Shares jumped more than 16 percent on CATL’s Hong Kong debut on May 20, closing at HK$306.20, well above the HK$263 IPO price. The company is already listed on the Shenzhen Stock Exchange, where its stock reversed early losses following the Hong Kong surge—buoyed by global investor enthusiasm.
