CATL(SZ:300750) Zheng Quan Ri Bao·2025-07-04 16:09Core Viewpoint - The Hong Kong capital market is experiencing robust growth, with Chinese securities firms playing a central role in reshaping the market dynamics and expanding their business scope from traditional investment banking to innovative financial services [1][2]. Group 1: Market Dynamics - In the first half of the year, 43 companies successfully completed IPOs on the Hong Kong main board, marking a 43% year-on-year increase, with total IPO fundraising reaching 1,067 million HKD, a staggering 688% increase, making it the top market globally [2]. - The successful IPO of CATL raised 410 million HKD, highlighting the growing interest in high-quality IPO projects driven by technological advancements in AI and robotics [2][3]. - Chinese securities firms have increasingly taken a leading role in the IPO underwriting market, capturing 98.4% of the total fundraising amount in 2024, which amounted to 863.8 million HKD across 64 companies [3][4]. Group 2: Business Expansion - Chinese securities firms are evolving their business models, expanding revenue sources from underwriting fees to comprehensive service offerings, including virtual asset trading and wealth management [5][6]. - The launch of the "1st license upgrade" by Guotai Junan International allows it to provide full-scale virtual asset trading services, significantly boosting its stock price by 198% on the announcement day [5]. - The integration of domestic and international teams has enabled Chinese securities firms to offer seamless cross-border services, enhancing their competitive edge in the market [3][6]. Group 3: Future Outlook - PwC forecasts that the Hong Kong IPO market will continue to grow in the second half of 2025, with 90 to 100 companies expected to list and total fundraising potentially exceeding 2,000 million HKD [4]. - The internationalization of the RMB and the upgrade of cross-border wealth management services are expected to provide further growth opportunities for Chinese securities firms in Hong Kong [6][7]. - Chinese securities firms are positioned to enhance their global presence by leveraging their understanding of both domestic and international markets, aiming to become leading players in the global investment banking sector [7].