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

Shares of Contemporary Amperex Technology Co., or CATL, soared more than 16% in their Hong Kong trading debut Tuesday after the Chinese electric vehicle battery maker raised more than $4.5 billion in its secondary listing.

Shares of CATL, a key supplier to Tesla Inc (NASDAQ: TSLA ), surged over 9% in early trading, building on Tuesday’s impressive 16% jump, which marked one of the strongest debuts for a major listing in recent years. The rally reflects strong investor confidence in CATL’s global expansion plans and its dominant position in the EV battery market.