Zheng Quan Shi Bao·2025-06-20 18:34Core Viewpoint - The Hong Kong IPO market experienced a significant surge in the first half of 2025, with four A+H listed companies—CATL, Hengrui Medicine, Haitian Flavoring, and Sanhua Intelligent Control—ranking among the top ten globally in terms of fundraising, with CATL leading the pack [1][3]. Group 1: IPO Performance - CATL raised approximately HKD 410 billion, making it the top fundraiser among the four companies [3]. - Hengrui Medicine, Haitian Flavoring, and Sanhua Intelligent Control raised around HKD 114 billion, HKD 101 billion, and HKD 79 billion, respectively [3]. - Sanhua Intelligent Control attracted 17 cornerstone investors who collectively invested USD 562 million (approximately HKD 4.41 billion), accounting for about 56% of its IPO [1][2]. Group 2: Investor Interest - Major institutional investors, including Hillhouse Capital, Sequoia, UBS, and the Singapore Government Investment Corporation, have heavily invested in these IPOs, indicating strong market confidence [1][2][3]. - CATL's cornerstone investors included Sinopec, Hillhouse, Kuwait Investment Authority, and others, with a total subscription amounting to USD 2.628 billion (approximately HKD 20.37 billion), representing 66% of its total fundraising [2]. Group 3: Market Trends - There is a growing trend of A-share companies applying for listings in Hong Kong, particularly in sectors like new energy, high-end manufacturing, and healthcare [4][5]. - The anticipated "H+A" model has garnered attention, with expectations for more large enterprises and industry leaders to list in Hong Kong, enhancing the attractiveness of the A+H model [6][8]. - The AH premium has reached a five-year low, with the Hang Seng AH Premium Index hitting 126.91 points, reflecting the influence of southbound capital flows on Hong Kong stock pricing [7][8].