2 1 Shi Ji Jing Ji Bao Dao·2025-05-21 08:59Core Viewpoint - Ningde Times' stock price surged significantly following its listing on the Hong Kong Stock Exchange, reflecting strong market confidence and demand for its shares [3][4]. Group 1: Stock Performance - Ningde Times' stock price rose by 16.43% on its first day of trading and continued to increase by over 12% the following day [3]. - As of the market close, Ningde Times' A-shares were priced at 274.08 CNY per share, while its H-shares were at 337.40 HKD, indicating a rare premium for H-shares over A-shares [4]. Group 2: Market Dynamics - The H-share issuance attracted significant foreign investment, with total institutional subscriptions exceeding 50 billion USD, resulting in a 30-fold oversubscription [4]. - Analysts suggest that the strong demand for Ningde Times' H-shares may signal a shift in how leading companies approach overseas listings, focusing more on "value benchmarking" rather than "discount financing" [4]. Group 3: Company Valuation - Ningde Times' total market capitalization reached 1,244 billion CNY, surpassing BYD's market cap of 1,216 billion CNY, marking a competitive shift in the industry [5]. - This valuation reversal is significant as it occurred only a few months after BYD had overtaken Ningde Times in market capitalization for the first time in nearly seven years [6]. Group 4: Future Prospects - The funds raised from the IPO, totaling 35.657 billion HKD, will primarily be allocated to the construction of projects in Hungary, enhancing the company's international market expansion [8]. - Analysts believe that the Hong Kong listing will bolster Ningde Times' global brand influence and support its international governance structure, facilitating further global expansion [8].