It is the world’s biggest maker of batteries for electric cars. It has plans to expand its business globally. And it is one of China’s most strategically important technology companies.

宁德时代是世界上最大的电动汽车电池制造商，它计划在全球范围内拓展业务。它也是中国最具战略意义的科技企业之一。

But when Contemporary Amperex Technology Ltd., or CATL, started selling shares for the first time in Hong Kong on Tuesday, surging 16 percent, American investors were largely shut out. It was the world’s biggest stock listing so far this year, according to the data provider Dealogic.

宁德时代新能源科技有限公司（简称“宁德时代”）周二在香港首次公开发行股票后，股价飙升了16%，但美国投资者们却基本上不能参股。据数据提供商Dealogic，宁德时代在香港上市是今年全球到目前为止最大一笔首次公开募股。

Tensions between China and the United States pushed CATL to ban U.S. onshore investors from its share sale, the first outside of the Chinese mainland, where it is listed in the city of Shenzhen.

中美紧张关系迫使宁德时代禁止美国境内投资者参与公司在中国大陆以外的首次公开募股，该公司此前已在深圳上市。

The fact that some of the world’s most active investors were absent from one of the most anticipated trading debuts so far this year underscored the deepening rift between the United States and China.

世界上一些最活跃的投资者缺席今年到目前为止最受期盼的首次公开募股之一，这凸显了美国与中国之间日益加深的分歧。

CATL has found itself caught in the crossfire as Washington and Beijing have lobbed sanctions, blacklists and tariffs at each other. It was labeled a Chinese military company by the Pentagon. U.S. lawmakers called on its Wall Street bankers to back out of the Hong Kong listing. And it has been hit with tariffs on the batteries it makes.

随着美国政府和中国政府相互制裁、将对方国家的公司列入黑名单，并向对方的产品征收关税，宁德时代发现自己受到连累。宁德时代被五角大楼贴上中国军工企业的标签。美国的国会议员公开要求华尔街银行家不参与宁德时代在香港的股票发行。宁德时代生产的电池也被征收了关税。

The CATL Hong Kong stock sale marks a dramatic reversal from a decade ago when Alibaba, the Chinese e-commerce giant, elicited cheers from traders as it went public on the New York Stock Exchange in 2014. The company raised $21.8 billion, delivering a big payday for Wall Street banks and minting mom-and-pop investors.

与十年前相比，宁德时代在香港发行股票标志着一种剧烈转变。中国电商巨头阿里巴巴2014年在纽约证券交易所上市时曾博得了交易员们的热烈欢迎。阿里巴巴在纽约上市筹集了218亿美元，为华尔街的银行带来了巨额收益，为一些散户投资者创造了财富。

“We are headed toward full financial decoupling with China,” said Stephen Roach, an economist and a former chairman of Morgan Stanley Asia based in Hong Kong. “Congress is driving the process of disengagement,” he said. The shares of Chinese companies that are traded in the United States could be the next thing to come under fire, he added.

“我们正走向与中国的彻底金融脱钩，”经济学家斯蒂芬·罗奇说，他曾在香港担任摩根士丹利亚洲区主管。“国会正在推动脱离的进程，”他说。他还说，在美国上市的中国公司的股票可能是下一个打击目标。

The U.S. government has targeted Chinese companies as it moves to limit China from accessing American markets out of national security concerns, a policy that President Trump began in his first term and which President Joseph R. Biden Jr. continued.

随着美国政府出于国家安全考虑把中国企业作为打击目标，政府已采取措施限制中国公司进入美国股市。这项政策是特朗普在其第一任期内开始的，拜登总统延续了这一政策。

Mr. Trump has accused China of exploiting American investors to finance its military, attempting to isolate China with colossal tariffs that were only suspended after global markets convulsed.

特朗普指责中国把美国投资者提供的资金用在发展军力方面。他试图用征收巨额关税的方法来孤立中国，但在全球股市出现动荡后暂停了这个做法。

A Ford Motor battery project in Michigan that licenses CATL’s technology has drawn local and national political fire. Lawmakers in Congress have introduced legislation that would withdraw subsidies from U.S. companies that manufacture batteries using Chinese expertise.

福特汽车获得宁德时代的技术许可，在密歇根州建了一个电池厂，这在当地和全美引发了政治上的抨击。已有国会议员将一项法案提交讨论，如果通过，将对使用中国技术生产电池的美国公司取消补贴。

Yet even as the battle between the two superpowers creates financial collateral damage, CATL raised $4.6 billion ahead of its secondary listing in Hong Kong, more than any other public listing this year. The stock was sold for $263 Hong Kong dollars a share, or about $33.62 U.S. dollars. Its biggest investors include Kuwait’s sovereign wealth fund, the Chinese firm Hillhouse Capital Management Group and Oaktree Capital Management, the American asset management firm.

尽管这两个超级大国之间的较量已造成了附带金融损失，但宁德时代在香港二次上市前仍筹集了46亿美元，超过了今年其他的所有全球公开募股。宁德时代的股票发行价为每股263港元，约合33.62美元。最大的投资者包括科威特主权财富基金、中国高瓴资本管理集团，以及美国资产管理公司橡树资本管理。

CATL moved to hive off American investors ahead of the listing as tensions between the United States and China spiked. It said last week that it had changed the share sale to what is known as a Reg S offering, which prevents the sale of stock to onshore U.S. investors and exempts it from having to make certain regulatory filings in the United States.

由于中美关系紧张，宁德时代在上市前就已把美国投资者隔离在外。公司上周表示，已改为使用所谓的“S规则”在香港发行股票，这意味着不得向美国境内的投资者出售股票，也让公司不必在上市前向美国提交某些监管文件。

The company did not explain why it changed the structure of its listing, but it has said that geopolitical tensions are among the risk factors to its business. “We face risks associated with changes in trade policies or tariff regulations,” it said in a regulatory filing.

虽然宁德时代没有解释改变上市结构的原因，但表示地缘政治紧张局面是开展业务面临的风险因素之一。“我们面临与贸易政策或关税法规变化相关的风险，”公司在一份监管​​文件中写道。

In response to the Pentagon’s designation of the company as having both military and commercial technology, CATL said that it had “never engaged in any military-related businesses or activities” and had “proactively engaged with the Department of Defense to address the false designation.”

针对五角大楼认定该公司同时拥有军事和商业技术，宁德时代称自己“从未从事任何与军事相关的业务或活动”，并“已主动与美国国防部交涉，以澄清这一错误的定性”。

Most large American institutions will still be able to trade in CATL shares if they invest through offshore accounts. But that would still leave a hole. Some 10 percent of American investors would have probably invested in its stock if not prevented from doing so, said Victor Shih, a specialist in Chinese finance at the University of California, San Diego.

大多数美国的大型投资机构仍可通过离岸账户交易宁德时代的股票。但这仍会造成市场缺口。加州大学圣地亚哥分校的中国金融专家史宗瀚说，如果不被禁止参股的话，约有10%的美国投资者可能会投资宁德时代的股票。

“I think that this is a major milestone,” said Mr. Shih, adding that it was likely the start of a broader trend. “This will apply to many Chinese hardware and even some software producers, thus cutting out U.S. investors from some potentially profitable opportunities.”

“我认为这是一个重要的里程碑，”史宗瀚说，并表示这可能是一个更广泛趋势的开始。“这种做法会用在许多中国硬件甚至一些软件生产商上，让美国投资者无法参与一些潜在的盈利机会。”