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.

China's CATL makes more than a third of electric vehicle batteries sold worldwide and also supplies VW and Toyota.