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

Chinese battery giant Contemporary Amperex Technology’s shares soared Tuesday in their Hong Kong debut, marking the world’s largest equity offering so far this year. A successful listing of CATL, as the company is known,

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.