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

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.

Shares of the restaurant chain began trading at HK$7.19 per share, before plunging 7 per cent to an intraday low of HK$6.69.

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.