CATL(SZ:300750) Sou Hu Cai Jing·2025-05-20 14:36Core Insights - CATL (Contemporary Amperex Technology Co., Limited) officially listed on the Hong Kong Stock Exchange on May 20, 2025, marking the full implementation of its "A+H" dual capital platform [3] - The global offering consisted of 135.6 million shares at a price of HKD 263 per share, raising approximately HKD 35.657 billion (around USD 4.6 billion), making it the largest IPO in Hong Kong in nearly four years [3][4] - The funds raised will primarily be invested in the construction of a manufacturing base in Debrecen, Hungary, accelerating local production capacity in Europe [4] Market Impact - The IPO broke several market conventions, including being the first "A+H" listing to set a price ceiling without a discount to the A-share closing price on the pricing day, challenging the common practice of significant discounts for Chinese companies listing in Hong Kong [4] - The cornerstone investor lineup included top global institutions such as Sinopec (Hong Kong), Kuwait Investment Authority, Hillhouse Capital, and UBS, with a total commitment of USD 2.628 billion [4] - The offering saw record demand, with the Hong Kong public offering oversubscribed by over 151 times and the international offering oversubscribed by over 15 times, indicating a significant revaluation of Chinese new energy leaders by global capital [4] Strategic Development - The "A+H" model is becoming a crucial pathway for Chinese companies to enhance international competitiveness and participate in the restructuring of global supply chains [8] - Since 2015, the company has provided continuous professional support to CATL, witnessing its evolution from a domestic leader to a global powerhouse [8] - The project was completed in under six months, setting a record for the efficiency of overseas issuance filings for Chinese concept stocks [6]