CATL(SZ:300750) Zheng Quan Shi Bao·2025-05-21 17:52Core Viewpoint - The IPO market in China is becoming increasingly active, reflecting companies' determination and confidence in seeking capital support in the current economic environment [1] Group 1: IPO Market Activity - As of May 21, 2023, there have been 42 IPOs in the A-share market this year, with monthly distributions of 12 in January, 1 in February, 14 in March, 10 in April, and 5 in May [1] - The total fundraising from new IPOs has exceeded 25 billion yuan, with March and April seeing slight increases in both the number and scale of new stock issuances [1] - 18 companies have successfully passed IPO applications this year, while approximately 170 companies are still under review, with over half from the Beijing Stock Exchange [1] Group 2: Industry Distribution - Companies with "hard technology" characteristics are leading the A-share IPO market, with sectors such as technology, consumer goods, biotechnology and healthcare, mechanical manufacturing, and new energy and clean technology being the mainstream [2] - The semiconductor and artificial intelligence sectors, along with innovative drugs and AI medical technologies in the biotechnology and healthcare industry, are attracting significant capital investment [2] Group 3: A+H Listing Trend - The number of A+H listed companies is increasing, with 13 A-share companies announcing plans for H-share listings in April alone, including leading firms in the semiconductor sector [3] - The recent IPO of CATL on the Hong Kong stock market raised approximately 35.66 billion HKD, marking the largest IPO in Hong Kong this year and indicating a new phase in the globalization of China's new energy industry [3][4] - The narrowing of the price gap between A-shares and H-shares has made A+H listings more attractive to global long-term investors [3][4] Group 4: Regulatory Environment and Market Dynamics - The China Securities Regulatory Commission (CSRC) is expected to introduce policies to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing the inclusiveness and adaptability of the system [2] - The CSRC has launched several cooperative measures with the Hong Kong Stock Exchange to facilitate mainland companies' listings in Hong Kong, improving the listing process and increasing certainty [5] - Deloitte China predicts that more A-share listed companies and leading mainland enterprises will consider listing in Hong Kong, with the financing scale in the Hong Kong market expected to reach between 130 billion HKD and 150 billion HKD by 2025 [5] Group 5: International Listing Choices - Some companies are opting for the US market for their IPOs, such as the tea brand Bawang Chaji and the HVAC company Shanyou, which recently listed on NASDAQ [6]