从宁德时代港股IPO，看A+H股三大变化

Core Viewpoint - Ningde Times' Hong Kong IPO is the largest global IPO financing this year, utilizing Regulation S to exclude most US investors, with a high proportion of non-US foreign investors in the international placement [1][3] Group 1: Changes in A+H Share Listings - The listing process for quality leading enterprises in A+H shares is accelerating, and the discount between A and H shares is expected to converge, disappear, or even reverse [2] - The proportion of non-US international capital, especially from Middle Eastern investors like Kuwait, is increasing in Chinese assets [3] - More key sectors may adopt Regulation S for Hong Kong IPOs to avoid uncertainties from trade frictions [3] Group 2: H Share Premium Over A Share - Ningde Times' H shares have shown a rare premium of 10.75% over A shares, with H share prices reaching HKD 329.8 (approximately RMB 302.95) compared to A share prices of RMB 270.37 [4] - As of May 22, 2023, only three companies, including Ningde Times, BYD, and China Merchants Bank, have H shares trading at a premium to A shares [4] - The overall trend shows that while many A+H companies still have a discount, some leading firms are being priced fairly in both markets, leading to reduced price differences [5] Group 3: International Investor Participation - The international placement for Ningde Times included 23 cornerstone investors, with a total subscription of 77.46 million shares, representing 57.13% of the offering [9] - Middle Eastern sovereign funds, particularly the Kuwait Investment Authority, accounted for nearly 20% of the investment, indicating a strong interest from non-US international investors [11] - The use of Regulation S allows for a significant participation of international investors while avoiding direct involvement of US-based institutions [12] Group 4: Future Trends in IPOs - There is an expectation that more A+H IPO projects will adopt Regulation S in the future, especially among leading companies in key sectors [13] - Over 40 A-share companies have announced plans to list in Hong Kong or have submitted applications, indicating a growing trend of A-share companies seeking overseas financing platforms [12]