CATL(SZ:300750) Chang Jiang Shang Bao·2025-05-20 23:30Core Viewpoint - CATL's Hong Kong IPO on May 20 saw a significant first-day surge of 16.43%, indicating strong market interest and institutional support [2][3][13]. IPO Details - CATL's IPO involved the global issuance of approximately 136 million shares, raising around HKD 357 billion (approximately RMB 329 billion) [2][4]. - The opening price was HKD 296 per share, which was a 12.55% increase from the issue price, with an intraday peak of 18.40% [2][13]. - Institutional investors accounted for 92.5% of the shares, with notable participation from major global capital firms [7][10]. Investor Participation - The IPO attracted a diverse range of investors from 15 countries and regions, including sovereign funds, industry capital, and long-term institutions [8]. - Key cornerstone investors included Sinopec, Kuwait Investment Authority, Hillhouse Capital, and UBS, collectively subscribing to 61.8% of the international offering [8][9]. Strategic Implications - The funds raised will primarily support the construction of CATL's projects in Hungary, enhancing its overseas production capacity [16]. - The Hungarian factory is expected to have a total battery capacity of 100 GWh, with significant investments aimed at meeting the growing demand for power and energy storage batteries in Europe [16]. Market Position and Future Outlook - CATL aims to leverage its Hong Kong listing to strengthen its position in the global capital market and drive the transition to a zero-carbon economy [3][19]. - The company has been the global leader in battery usage for eight consecutive years and is focusing on expanding its international footprint amid increasing domestic competition [17][18].