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

A global leader in the sector, CATL produces more than a third of all electric vehicle (EV) batteries sold worldwide.

Shares in CATL, the world’s largest maker of batteries for electric vehicles, jumped more than 16% Tuesday in its Hong Kong trading debut after it raised about $4.6 billion in the world’s largest initial public offering this year.