宁德时代港股“火出圈”，这三点变化值得关注

Core Viewpoint - CATL successfully listed on the Hong Kong stock market, achieving the largest IPO financing scale globally this year, highlighting significant changes in the A+H share market [1] Group 1: Listing Performance - The process of CATL's listing in Hong Kong was remarkably swift, taking just over three months from the submission of the application on February 11 to the listing date [3] - As of May 22, CATL's H-shares closed at HKD 329.8 (approximately RMB 302.95), while A-shares were priced at RMB 270.37, with H-shares trading at a rare premium of 10.75% over A-shares [3] - On the first day of trading, H-shares briefly exceeded A-shares, and although there was a subsequent decline, H-shares continued to trade higher than A-shares on the second and third days [3] - Among all A+H share companies, only CATL, BYD, and China Merchants Bank exhibited a premium for H-shares over A-shares, with CATL leading at nearly 11% [3] Group 2: International Placement - In the international placement of CATL's H-shares, there were 23 cornerstone investors who collectively subscribed to 77.46 million shares, accounting for 57.13% of the shares offered and 1.71% of the total shares post-offering [4] - Notably, the Kuwait Investment Authority (KIA) invested nearly 20%, with significant participation from institutions like UBS, Korea's Mirae Asset, and the Royal Bank of Canada, indicating a high proportion of international investors outside the U.S. [4] - Insurance funds showed strong interest in large IPOs, with China Pacific Insurance and Taikang Life each allocated USD 50 million [4] Group 3: Regulatory Strategy - CATL's offering announcement stated that it would not register under U.S. securities laws, avoiding direct sales or transfers within the U.S., which may reflect a strategy to mitigate geopolitical risks [5] - U.S. investors can still participate through offshore accounts or international brokerage channels, but cannot directly engage with registered U.S. entities [5] - Experts suggest that the adoption of S-rule may become more common in A+H share IPOs, allowing companies in key sectors to ensure successful international placements [5]