CATL(SZ:300750) Xin Lang Cai Jing·2025-12-31 07:49Core Insights - The article discusses the significant developments in the Hong Kong capital market, highlighting its resurgence as a global IPO leader in 2025, with a total fundraising amount exceeding 280 billion HKD, led by CATL's record IPO of 41 billion HKD [3][12]. Group 1: Hong Kong IPO Market - In 2025, Hong Kong's IPO market saw over 110 listings, raising more than 280 billion HKD, reclaiming its position as the top global IPO fundraising market [12]. - The average daily trading volume in the spot market exceeded 230 billion HKD, marking a 43% year-on-year increase and setting a historical high, showcasing Hong Kong's vitality as an international financial center [3][12]. Group 2: Digital Asset Development - On June 26, 2025, Hong Kong released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aimed at optimizing legal and regulatory frameworks, expanding tokenized product categories, and promoting cross-industry collaboration [13]. - The declaration signifies a shift from regulatory framework construction to deep ecological integration, with the goal of establishing Hong Kong as a trusted, innovation-driven global digital asset hub [13]. - On May 21, 2025, the Hong Kong Legislative Council passed the "Stablecoin Ordinance," which took effect on August 1, making Hong Kong one of the first jurisdictions to establish a comprehensive regulatory framework for stablecoins [14]. Group 3: Future Outlook - The company aims to leverage Hong Kong's unique advantages in financial innovation, focusing on "Web 3.0 and digital asset investment" as a strategic direction for growth [14]. - Plans are in place to build a "Shanghai + Hong Kong" operational network, embracing "Web 3.0" and deepening the "DAO" organizational industry chain, with a vision for sustainable growth over the next 40 years [15].