CATL(SZ:300750) 第一财经·2025-05-12 08:20Core Viewpoint - CATL (Contemporary Amperex Technology Co., Limited) has officially launched its Hong Kong IPO, aiming to raise between $4 billion to $5 billion, primarily to fund its projects in Hungary, thereby enhancing its local supply capabilities and solidifying its leadership in the new energy sector [2][3]. Group 1: IPO Details - As of May 12, CATL's A-share price increased by 3.52% to 257 CNY, with a total market capitalization of 1.13 trillion CNY [2]. - The IPO price range for the Hong Kong listing is set at a maximum of 263 HKD per share, closely aligned with CATL's A-share closing price of 248.27 CNY on May 9, which converts to approximately 267.31 HKD [2]. - CATL plans to issue 118 million shares in this IPO, with options for additional shares, potentially raising a total of $4 billion to $5 billion if fully exercised [2]. Group 2: Investment Allocation - Approximately 90% of the funds raised from the IPO will be directed towards the first and second phases of the construction of the Hungarian project, which aims to enhance local supply capabilities [2][3]. - The Hungarian project, announced in August 2022, involves a total investment of up to 73.4 billion euros (approximately $82.4 billion) and is expected to become the largest electric vehicle battery factory in Europe, with a planned capacity of 100 GWh [3]. Group 3: Strategic Intent - CATL's move to list in Hong Kong is part of a broader strategy to advance its global expansion and establish an international capital operation platform, despite having over 321.3 billion CNY in cash as of the end of Q1 this year [3]. - The IPO has attracted significant interest from cornerstone investors, with subscriptions totaling up to 203.71 billion HKD, including major entities such as Sinopec, KIA, Hillhouse Capital, and UBS Asset Management [3]. Group 4: Industry Context - The trend of new energy companies seeking listings in Hong Kong has been growing, driven by the need for international capital and the expansion into overseas markets [4]. - Other companies in the new energy sector, such as Zhongwei Co., Gree Green, and Haitian Energy, have also initiated preparations for their Hong Kong IPOs, indicating a competitive landscape [5].