储能巨头港股上市掀热潮，5月储能指数上涨4.87%

Core Viewpoint - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high before retreating, ending the month at 1381.79, a 4.87% increase, while the ChiNext index rose by 2.32% [1] Group 1: Energy Storage Index Performance - The energy storage index increased by 6.94% in the first five months of 2025, contrasting with a 6.93% decline in the ChiNext index [1] - Since the inception of the index in early 2021, the energy storage index has risen by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: Major Players in Energy Storage - CATL completed its H-share application in just three months, listing on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised by CATL will be used for the construction of a battery factory in Hungary, which represents about 2% of Hungary's annual GDP [4] - CATL's stock opened at 296.00 HKD, a 12.55% increase from the issue price, indicating a premium of 12.55% over its A-share price [4] Group 3: H-share vs A-share Pricing Dynamics - As of the end of May, CATL's closing price in Hong Kong was 303.4 HKD, equivalent to 277.79 RMB, while its A-share closed at 250 RMB, resulting in an 11.16% premium [4] - BYD's Hong Kong stock closed at 392.8 HKD, equivalent to 359.65 RMB, with an A-share closing at 352.3 RMB, leading to a 2.09% premium [4] - The average premium for A/H listed companies was 41% during the same period [4] Group 4: Trends in H-share Listings - There has been a surge in energy storage companies listing in Hong Kong, with four domestic lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy, Shuangdeng Co., Nandu Power, and Haicheng Energy are also initiating their listing processes in Hong Kong [7] - EVE Energy plans to use the funds raised from its H-share listing to enhance its capital strength and global competitiveness [7] Group 5: Financial Performance of Listed Companies - Shuangdeng Co. reported revenue growth from 40.72 billion RMB in 2022 to an expected 45 billion RMB in 2024 [8] - Nandu Power has established a presence in 160 countries and regions, focusing on expanding its international business [9] - Haicheng Energy anticipates significant revenue growth from overseas operations, with overseas revenue projected to rise from 1% in 2023 to 28.6% in 2024 [9]