Sou Hu Cai Jing·2025-07-09 01:47Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is becoming a crucial platform for domestic lithium battery companies to connect with international capital, especially as restrictions from overseas exchanges and tightening domestic policies increase the trend of companies seeking secondary listings in Hong Kong [1] Group 1: Market Trends - There is a noticeable increase in lithium battery companies transitioning to the HKEX, with successful listings from companies like BYD, CATL, and others [1] - EVE Energy announced its intention to initiate an IPO in Hong Kong to support overseas factory construction and global capacity layout [1] Group 2: Company Developments - Star Materials, a leading separator manufacturer, submitted its application for H-share listing on July 7, 2025, and is the first in the industry to achieve mass export of lithium-ion battery separators [1] - Star Materials has a diverse customer base including LG Energy, Samsung SDI, and CATL, with a global footprint across nine production bases [1] Group 3: Financial Plans - The IPO proceeds for Star Materials will be used to expand its overseas network, including a production base in Malaysia with an investment of approximately HKD 54.62 billion, a base in the USA costing about HKD 6.32 billion, and a research center in Singapore with an investment of around HKD 2.1 billion [2] Group 4: Competitive Landscape - Tinci Materials, a leading electrolyte manufacturer, plans to issue H-shares and is expanding its global strategy, with a projected sales volume of over 500,000 tons of electrolyte in 2024, marking a 26% increase from 2023 [3] - Tinci Materials is also investing in Morocco to establish an integrated production base for electrolytes and key raw materials, with an annual production capacity of 150,000 tons [3] Group 5: Legal Challenges - Tinci Materials is currently involved in a legal dispute with Yongtai Technology over commercial secrets, with mutual claims exceeding 900 million yuan [3][4] - The ongoing patent disputes in the lithium battery sector highlight the need for companies to strengthen their R&D capabilities to navigate global competition [4]