CATL(SZ:300750) 财富FORTUNE·2025-05-12 13:03Core Viewpoint - CATL's IPO in Hong Kong is set to be one of the largest in recent years, with an expected fundraising of $4 billion to $5 billion, coinciding with favorable developments in US-China trade relations that may enhance investor sentiment [1][2]. Group 1: IPO Details - CATL's Hong Kong IPO has attracted cornerstone investors with a total subscription of HKD 20.371 billion, accounting for 65.7% of the offering [2]. - The pricing strategy for the IPO is set at HKD 263 per share, which is only about 5% lower than its A-share price, indicating a strong value proposition aimed at long-term investors [2][3]. - The funds raised will primarily be allocated to the construction of CATL's factories in Hungary, which will enhance local supply chains and reduce logistics costs by 30% [3]. Group 2: Financial Health and Strategy - As of Q1 2025, CATL reported cash and cash equivalents exceeding CNY 321.3 billion, indicating that the IPO is not merely for capital replenishment but also for strategic partnerships with long-term investors [2][3]. - The IPO represents only 5% of CATL's total equity, with 90% of the raised funds directed towards the first and second phases of its Hungarian project [3]. Group 3: Market Position and Future Outlook - CATL's overseas revenue is projected to decline by 15% in 2024, but the company aims to mitigate risks associated with currency fluctuations and market competition through the IPO [3][4]. - The European market, where electric vehicle penetration is currently around 18%, presents significant growth opportunities for CATL, especially in the context of increasing demand for energy storage [4]. - CATL's collaboration with Ford to supply lithium iron phosphate batteries starting in 2026 is expected to bolster its position in the US market, despite previous challenges [5].