Core Viewpoint - CATL's IPO in Hong Kong has garnered significant interest, with a subscription rate of 21 times, raising a total of HKD 51.7 billion in financing [3][4]. Group 1: IPO Details - The global offering includes 118 million shares, with a maximum price of HKD 263, potentially raising a net amount of approximately HKD 30.7 billion [3]. - The Hong Kong public offering accounts for 884,200 shares, approximately 7.5% of the total offering, while the international offering comprises 109 million shares, about 92.5% [3]. - If the overallotment and greenshoe options are fully exercised, the net fundraising could reach HKD 40.6 billion, making it the largest IPO in the Hong Kong market by 2025 [4]. Group 2: Investment and Market Response - The IPO is expected to raise around USD 4 billion, equivalent to approximately HKD 31 billion, with over 20 cornerstone investors committing around USD 2.628 billion, or HKD 20.371 billion [7]. - Major cornerstone investors include Sinopec, KIA, and Hillhouse Capital, each investing USD 500 million, along with other notable firms [7]. - Institutional investors have fully subscribed to the 109 million shares available in the international offering [8]. Group 3: Shareholding Structure - Prior to the global offering, CATL's total issued shares in A-shares were 4.403 billion, with key shareholders including Zeng Yuqun and Huang Shilin [9]. - Post-offering, if all options are exercised, Zeng Yuqun's shareholding will decrease to 22.66%, while other major shareholders will also see a reduction in their stakes [9][10]. Group 4: Use of Proceeds - 90% of the funds raised from the IPO will be allocated to overseas projects, particularly the first and second phases of the Hungary project [11]. - CATL is actively advancing its overseas production capacity, with significant investments in projects in Hungary and Indonesia, totaling approximately CNY 3.88 billion and CNY 4.6 billion respectively [12]. - The company aims to counteract slowing domestic demand and price declines by accelerating overseas factory construction [14].
宁德时代港股IPO护航“出海”,曾毓群引入200亿港元豪华投资团、中石化和高瓴等领投