CATL(300750) 搜狐财经·2025-05-23 11:40Core Viewpoint - CATL's IPO in Hong Kong is set to be the largest global IPO of 2025, making Hong Kong the largest market for fundraising this year [1][2]. Fundraising and Investment Plans - The H-share IPO is expected to raise approximately HKD 31 billion, with the total potentially increasing to HKD 41 billion if the overallotment option and "green shoe" mechanism are exercised [2]. - 90% of the raised funds will be allocated to a factory project in Debrecen, Hungary, with an investment of EUR 7.3 billion to build a 100 GWh battery plant, effectively doubling Europe's battery production capacity if successful [3]. Regional Context and Strategic Importance - Debrecen, while Hungary's second-largest city, has a population of only 200,000, and the region is seen as a friendly environment for Chinese investments [3][4]. - Hungary is positioning itself as the "battery capital" of Europe, attracting major players like Samsung, SK On, BYD, and EVE Energy to invest in the area [8][9]. Project Development and Challenges - The construction progress of CATL's factory has been slow, with the project still in the foundational stages nearly three years after its announcement [10][15]. - Environmental concerns have led to protests against the factory, highlighting the challenges of balancing industrial development with local ecological considerations [22][25]. Labor Market and Local Support - The project is expected to create 9,000 jobs, but Debrecen's small population raises concerns about labor availability, necessitating potential work visa solutions [25]. - Hungarian government officials, including the Minister of Foreign Affairs, have expressed strong support for CATL's investment, viewing it as a significant opportunity for the country [27].