South Korea is dedicating around $7 billion to help wean its electric-vehicle battery supply chain away from China and align more with U.S. trade guidelines.The Ministry of Trade, Industry and Energy in Seoul said Wednesday that it will provide 9.

South Korea will provide 9.7 trillion won ($7.1 billion) in financial aid for local electric-car battery makers to build a new supply chain that complies with US tax credit rules intended to reduce reliance on China.

EV manufacturers reportedly failed to purchase the minimum quantity of batteries stipulated by contracts as EV demand softens.

HD Hyundai Marine Solution’s shares surged in their trading debut after raising more than $540 million in South Korea’s biggest initial public offering in more than two years.

Shares traded as high as 125,000 South Korean won ($91.55) apiece, representing a 49.88% surge from the IPO price of 83,400 won.

HD Hyundai Marine Solution is considered as being the biggest IPO of the first half of this year. It made a significant debut on the stock market, landing at 53rd in terms of market capitalization.