Group 1 - The company, CATL, announced the public issuance of corporate bonds amounting to no more than RMB 5 billion, which has received approval from the China Securities Regulatory Commission on February 6, 2026 [1] - The inquiry for the coupon rate was conducted on February 11, 2026, with a range set between 1.60% and 2.20% [1] - The final coupon rate for the bonds, designated as "26CATLK1" with the bond code 524672, was determined to be 1.69% based on the results of the inquiry [1]

Core Viewpoint - CATL has received approval from the China Securities Regulatory Commission to issue corporate bonds totaling up to RMB 5 billion, indicating a strategic move to raise capital for future investments and operations [1] Group 1: Bond Issuance Details - The corporate bonds will be issued to professional institutional investors, with a total amount not exceeding RMB 5 billion, including the full amount [1] - The registration approval for the bond issuance was granted on February 6, 2026, under the regulatory document number 2026〔234号〕 [1] - The final coupon rate for the bonds, after a pricing inquiry conducted on February 11, 2026, was set at 1.69%, within the inquiry range of 1.60% to 2.20% [1] Group 2: Bond Specifications - The bonds are designated with the name "26CATLK1" and the bond code is 524672 [1]

Core Viewpoint - CATL has received approval from the China Securities Regulatory Commission to issue corporate bonds worth up to RMB 5 billion, indicating strong market confidence in the company's financial strategy and growth potential [1] Group 1: Bond Issuance Details - The corporate bonds, referred to as "26CATLK1," are aimed at professional institutional investors and have a total issuance limit of RMB 5 billion, including the full amount [1] - The approval for the bond issuance was granted on February 6, 2026, under the regulatory license number 234 [1] Group 2: Interest Rate Information - On February 11, 2026, CATL and the lead underwriter conducted an inquiry for the coupon rate, with a proposed range of 1.60% to 2.20% [1] - The final coupon rate for the bonds was set at 1.69% based on the results of the inquiry and careful judgment by the issuer and underwriter [1]

海外監管公告 寧德時代新能源科技股份有限公司2026年面向專業投資者 公開發行科技創新公司債券（第一期）票面利率公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn/ ）及巨潮資訊網( www.cninfo.com.cn )所發布之《寧德時代新能 源科技股份有限公司2026年面向專業投資者公開發行科技創新公司債券（第一期） 票面利率公告》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二六年二月十一日 於本公告日期，本公 ...

债券代码：524672 债券简称：26CATLK1 宁德时代新能源科技股份有限公司 2026 年面向专业投资者公开发行 科技创新公司债券（第一期） 票面利率公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 宁德时代新能源科技股份有限公司（以下简称"发行人"）面向专业机构投 资者公开发行（不超过）人民币 50 亿元（含 50 亿元）的公司债券（以下简称"本 次债券"）已于 2026 年 2 月 6 日获得中国证券监督管理委员会注册批复（证监 许可〔2026〕234 号）。 2026 年 2 月 11 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.60%-2.20%。根据网下向专业机构投资者询价结果， 经发行人和主承销商审慎判断，最终确定本次债券票面利率为 1.69%。 发行人将按上述票面利率于 2026 年 2 月 12 日面向专业机构投资者网下发 行。具体认购方法请参考 2026 年 2 月 10 日刊登在深圳证券交易所网站 （http://www.szse.cn）、巨潮资讯网（http://www.cninfo.com ...

Core Viewpoint - The successful IPO of Wuxi Xian Dao Intelligent Equipment Co., Ltd. (Xian Dao Intelligent) on the Hong Kong Stock Exchange marks a significant milestone for Chinese manufacturing companies, particularly in the lithium battery equipment sector, as it aims to expand its global presence and attract international capital [2][30][55]. Financial Performance - Xian Dao Intelligent's IPO raised approximately HKD 41.66 billion (about RMB 37.49 billion) by issuing 93.616 million H-shares, with a market capitalization reaching HKD 763.5 billion (approximately RMB 687.14 billion) [6][34]. - The company's revenue increased from RMB 138.36 billion in 2022 to RMB 164.83 billion in 2023, while net profit decreased from RMB 23.18 billion to RMB 17.71 billion during the same period [7][37]. - In 2024, revenue fell to RMB 117.73 billion, with net profit dropping to RMB 2.68 billion. However, by the first three quarters of 2025, revenue rebounded to RMB 103.88 billion, reflecting a 14.9% year-on-year growth, and net profit surged by 97.9% to RMB 11.61 billion compared to the same period in 2024 [9][37]. Market Position - According to Frost & Sullivan, Xian Dao Intelligent is the largest provider of lithium battery intelligent equipment globally, holding a market share of 15.5%, and it is also the leading supplier in China with a market share of 19.0% [6][12]. - The company is positioned as the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% [12][40]. Product and Technology - Xian Dao Intelligent covers the entire lithium battery production process, including upstream, midstream, and downstream operations, and has developed key equipment for solid-state batteries [13][42]. - The company has a robust R&D team of over 4,000 employees and has secured 3,336 authorized patents, demonstrating its commitment to innovation [40]. Client Base - The client portfolio includes major global battery manufacturers such as CATL, Tesla, Volkswagen, BMW, and others, with the top five clients contributing approximately 40%-50% of the company's revenue [15][43]. - CATL is not only the largest customer but also a strategic investor, holding over 7% of the company's shares prior to the IPO [15][44]. Future Growth Strategy - To reduce reliance on the lithium battery sector, Xian Dao Intelligent is diversifying its revenue streams by expanding into non-lithium businesses such as photovoltaics, 3C electronics, hydrogen energy, and automotive production lines [16][45]. - The funds raised from the IPO will be allocated to expanding overseas R&D centers, enhancing core technology development, and improving digital management capabilities [54].

Core Viewpoint - The Hong Kong stock market has become the most comprehensive market for foreign capital to allocate Chinese assets, providing a "one-stop" opportunity for international investors to access China's growth [3][4]. Group 1: Market Dynamics - In 2024, the Hong Kong stock market raised approximately HKD 87.6 billion, a year-on-year increase of 89% [4]. - In 2025, the market saw a significant surge in IPO fundraising, reaching HKD 2,856.93 billion, a year-on-year increase of 224%, reclaiming the top position globally for IPO fundraising [4]. - The number of companies waiting for IPOs in Hong Kong has exceeded 350, indicating sustained capital vitality in the market [4]. Group 2: Sectoral Trends - In 2025, 117 companies successfully listed on the Hong Kong stock market, with new economy sectors like hard technology (27%), healthcare (23%), and new consumption (25%) becoming the main contributors [5][7]. - The traditional sectors such as infrastructure and real estate are gradually declining in proportion [5]. Group 3: Role of Chinese Securities Firms - The A+H listing model became a powerful engine for the Hong Kong IPO market in 2025, with 19 A-share companies raising nearly HKD 1.4 billion, contributing to nearly half of the total fundraising [8]. - Chinese securities firms have transitioned from participants to dominant players in the market, with a market share of approximately 56% among the top ten IPO underwriters [8][10]. - The number of licensed Chinese securities firms in Hong Kong has increased from 8 in 2007 to 111 by 2024, indicating significant growth in the sector [10]. Group 4: Competitive Advantages - Chinese securities firms leverage their "home advantage" and offer comprehensive end-to-end solutions, from identifying new economy companies for listing to providing seamless A+H share services [10]. - The case of CATL's secondary listing in Hong Kong exemplifies the shift of Chinese firms from "supporting roles" to "pricing leaders" in major IPOs [11][13]. - The independent service capability of Chinese securities firms is highlighted by the successful IPO of Sanhua Intelligent Controls, which did not hire foreign underwriters [13]. Group 5: Financial Performance - The brokerage industry is expected to see significant profit increases in 2026, with CITIC Securities projected to earn HKD 30.051 billion, a year-on-year increase of 38.46% [18]. - Other firms like Guotai Junan and GF Securities are also expected to report substantial profit growth [18]. Group 6: Strategic Transformation - A trend of capital increase among Chinese securities firms is evident, with at least five firms announcing capital increases totaling nearly HKD 20 billion, marking a new high [20][21]. - This capital influx indicates a strategic shift towards higher-yield capital business, moving from a low-risk, low-return model to a more integrated service provider role [21][22]. - The Hong Kong market serves as a strategic training ground for Chinese securities firms to enhance their capabilities in pricing, market-making, and risk management [22][23].

Group 1 - The core point of the article is that Yongtai Technology plans to acquire the remaining 25% stake in Yongtai High-tech from CATL, making Yongtai High-tech a wholly-owned subsidiary, with CATL becoming a shareholder of Yongtai Technology [1][2]. - The transaction will be executed through a share issuance and the raising of supporting funds, with final pricing and share lock-up terms to be determined in the formal agreement [3]. - Yongtai Technology currently holds 75% of Yongtai High-tech, which specializes in key lithium battery materials such as lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [2]. Group 2 - Yongtai Technology has a vertically integrated industrial chain covering lithium salts, additives, and electrolytes, with leading production capacities in solid lithium hexafluorophosphate (18,000 tons/year), liquid LiFSI (67,000 tons/year), and electrolytes (150,000 tons/year) [4]. - The company expects a significant reduction in net losses in 2025, projecting a loss of 25.6 million to 48.6 million yuan, compared to a loss of 478 million yuan in the previous year, driven by increased demand in the new energy vehicle and energy storage sectors [4]. - The investment by CATL is part of its strategy to deepen its lithium battery supply chain, having previously invested in various material companies to enhance supply chain security and cost advantages [4].

Core Insights - Horizon has made a significant personnel change by appointing Zhu Wei as the new president, succeeding Chen Liming, who will now serve as vice chairman [1][2] - Zhu Wei's experience at CATL, particularly in passenger vehicle and overseas energy storage businesses, positions him to lead Horizon's transition from a technology company to a commercial powerhouse [5][8] Company Strategy - The strategic partnership with CATL's Times Intelligent aims to enhance Horizon's capabilities in the smart driving market, focusing on the integration of hardware and software [6][7] - Horizon's goals for the next 3-5 years include producing 10 million units of HSD (Horizon SuperDrive) and increasing the average mileage for urban MPI (manual takeover intervals) by tenfold by 2026 [4][8] Market Context - The smart driving market is evolving from production capability to a competitive landscape focused on scalability, cost reduction, and efficiency [4][8] - The collaboration with CATL represents a strong alliance in the Chinese new energy vehicle sector, combining CATL's supply chain expertise with Horizon's smart technology [7] Leadership Transition - Chen Liming's tenure established a solid engineering foundation for Horizon, while Zhu Wei's role will focus on scaling operations and expanding market share [3][5] - Zhu Wei's entry is seen as a strategic move to enhance Horizon's competitive edge amid increasing competition from companies like Huawei and NVIDIA [8][9]

Group 1: Production Data - In January 2026, the total production of power and energy storage batteries in China was 168.0 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [1][6]. - The production of ternary batteries was 31.3 GWh, accounting for 18.6% of total production, with a month-on-month decrease of 23.1% and a year-on-year increase of 51.1% [13]. - The production of lithium iron phosphate batteries was 136.7 GWh, making up 81.3% of total production, with a month-on-month decrease of 14.8% and a year-on-year increase of 57.1% [13]. Group 2: Sales Data - In January 2026, the total sales of power and energy storage batteries in China reached 148.8 GWh, a month-on-month decrease of 25.4% but a year-on-year increase of 85.1% [2][14]. - Power battery sales were 102.7 GWh, accounting for 69.0% of total sales, with a month-on-month decrease of 28.6% and a year-on-year increase of 63.2% [2][18]. - Energy storage battery sales were 46.1 GWh, making up 31.0% of total sales, with a month-on-month decrease of 17.0% and a year-on-year increase of 164.0% [2][19]. Group 3: Export Data - In January 2026, the total export of power and energy storage batteries was 24.1 GWh, a month-on-month decrease of 26.0% but a year-on-year increase of 38.3%, accounting for 16.2% of total sales [2][22]. - Power battery exports were 17.7 GWh, representing 73.3% of total exports, with a month-on-month decrease of 7.1% and a year-on-year increase of 59.3% [2][24]. - Energy storage battery exports were 6.4 GWh, accounting for 26.7% of total exports, with a month-on-month decrease of 52.6% and a year-on-year increase of 1.4% [2][26]. Group 4: Installation Data - The domestic installation of power batteries in January 2026 was 42.0 GWh, a month-on-month decrease of 57.2% but a year-on-year increase of 8.4% [3][40]. - Ternary battery installations were 9.4 GWh, accounting for 22.3% of total installations, with a month-on-month decrease of 48.6% and a year-on-year increase of 9.6% [3][44]. - Lithium iron phosphate battery installations were 32.7 GWh, making up 77.7% of total installations, with a month-on-month decrease of 59.1% and a year-on-year increase of 8.1% [3][44]. Group 5: Key Material Demand - In January 2026, the demand for key materials for power and energy storage batteries included 63,000 tons of ternary materials and 342,000 tons of lithium iron phosphate materials [64][65]. - The demand for negative electrode materials was 235,000 tons, while the demand for separators was 3.36 billion square meters [64]. - The demand for electrolyte for ternary batteries was 28,000 tons, and for lithium iron phosphate batteries, it was 205,000 tons [64][65].