CATL(SZ:300750) Zheng Quan Shi Bao·2025-07-03 01:56Core Viewpoint - The Hong Kong stock market is experiencing a surge in technology company listings, with many firms possessing core technologies and global advantages flocking to the Hong Kong Stock Exchange (HKEX) [1][2]. Group 1: Technology Companies Listing Trend - A variety of technology companies, including Black Sesame Intelligence, Horizon Robotics, and CATL, have either successfully listed or are preparing to list on the HKEX, covering sectors such as artificial intelligence, semiconductors, and new energy [2]. - The HKEX has introduced a "Tech Company Special Line" which has received positive feedback, indicating strong interest from technology firms in listing [2]. Group 2: Market Transformation - The HKEX is evolving into a global hub for technology capital, connecting thriving mainland tech companies with global investors, thereby enhancing its strategic position in the international financial landscape [1][3]. - The listing of CATL, a leading global new energy company, is seen as a milestone for the Hong Kong capital market, showcasing the HKEX's ability to attract international-level tech firms [3]. Group 3: Institutional Optimization - The surge in technology listings is attributed to continuous institutional optimizations by the HKEX, which have created a more favorable financing environment for tech companies [4][5]. - Recent reforms, such as allowing dual-class shares and enabling unprofitable biotech firms to list, have attracted numerous mainland enterprises to the HKEX [4]. Group 4: Positive Interaction with Industry Capital - The successful listing of CATL has encouraged other tech companies planning to list in Hong Kong, indicating a more rational valuation environment for leading tech firms [5]. - The HKEX is becoming a "super connector" for global tech capital, facilitating a positive interaction between tech companies and the capital market [5][6]. Group 5: Long-term Market Appeal - The stable financing environment of the HKEX aligns with the long-term development needs of tech companies, especially in light of global economic recovery and unique issuance rhythms [6]. - The HKEX is positioned to remain an important bridge for mainland tech companies seeking international capital, particularly amid increasing geopolitical uncertainties [6].