CATL(SZ:300750) 证券时报·2025-05-23 00:07Core Viewpoint - The continuous influx of global capital into the Hong Kong stock market reflects long-term confidence in the resilience of the Chinese economy and the status of Hong Kong as an international financial center [1][2]. Group 1: Market Performance - On May 20, CATL (宁德时代) listed on the Hong Kong stock market, closing up 16.43%, surpassing its A-share price, and further increasing by 10% the next day, becoming a market focus [1]. - The pricing of high-quality companies in Hong Kong is not diminished by the capital market they are in; instead, the liquidity in the Hong Kong market allows for higher premiums [1]. - The recent trend shows an increasing number of A-share companies listing in Hong Kong, with H-shares typically priced at a discount of over 20% compared to A-shares. However, CATL's H-share issuance price was less than a 6% discount compared to its A-share price, indicating strong institutional investor interest [1][2]. Group 2: International Investment and Future Prospects - Among the 153 A+H shares, only 5 have a discount of less than 10%, and only 3 have H-share prices higher than A-share prices, namely CATL, BYD, and China Merchants Bank [2]. - CATL and BYD are positioned well in the booming electric vehicle sector, with CATL's fundraising aimed at overseas factory investments, attracting significant foreign capital [2]. - CATL has become a core battery supplier for major global automakers such as Tesla, Volkswagen, Ford, and Mercedes-Benz, and its international expansion is expected to enhance its competitive advantages [2]. - The Hong Kong Stock Exchange's reforms and enhanced connectivity mechanisms have improved market liquidity and investment convenience, making it an attractive destination for international capital seeking promising investment opportunities [2].