CATL(SZ:300750) Zheng Quan Shi Bao·2025-05-22 17:26Core Viewpoint - CATL's successful listing on the Hong Kong stock market demonstrates that high-quality companies can achieve premium pricing due to increased liquidity, despite typically lower H-share prices compared to A-shares [2][3]. Group 1: Company Performance - CATL's H-share price closed up 16.43% on its first day of trading, surpassing its A-share price, and rose another 10% the following day, attracting significant market attention [2]. - The H-share issuance price was only a 6% discount compared to the A-share price, which is notably lower than the typical 20% discount seen in recent H-share listings [2]. - The IPO attracted 23 cornerstone investors, including major entities like Sinopec and Hillhouse Capital, with total subscriptions reaching HKD 20.371 billion [2]. Group 2: Market Context - Among the 153 A+H shares, only 5 have a discount of less than 10%, and only 3 have H-share prices exceeding A-share prices, highlighting CATL's unique position [3]. - CATL and BYD are both benefiting from the growth in the new energy vehicle sector, with CATL's international expansion plans further enhancing its attractiveness to foreign investors [3]. - The Hong Kong stock market is experiencing increased interest from global capital, reflecting confidence in China's economic resilience and Hong Kong's status as an international financial center [3].