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,

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