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.

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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.