2025锂电IPO迎来“A+H”潮

Core Viewpoint - The lithium battery industry chain is collectively shifting towards the Hong Kong stock market, driven by multiple logics including "capital internationalization, breaking through internal competition, and capacity going overseas" [1][3]. Group 1: IPO Trends - In the first half of 2025, multiple companies in the lithium battery sector have initiated their IPO processes, with 240 companies submitting applications in Hong Kong, including successful listings like CATL, which achieved a market value of 1.3 trillion yuan, marking the largest global IPO in the first half of the year [2]. - The trend of "A+H" dual listings is on the rise, with companies like EVE Energy and Xinwangda announcing their intentions to list in Hong Kong, following the footsteps of previously listed companies such as BYD and Contemporary Amperex Technology [2][4]. Group 2: Market Dynamics - The lithium battery industry is experiencing a reshuffle, with a mismatch in supply and demand leading to a rapid decline in battery prices, which in turn pressures the profits of industry players. Larger companies are looking to raise funds through IPOs to enhance technology and market share [5]. - The successful listing of Haibo Technology aims to expand into international markets to improve its revenue structure and gross margins, amidst intense price competition in the domestic market [6]. Group 3: Internationalization and Capacity Expansion - The shift towards Hong Kong is also motivated by the need for lithium battery companies to attract overseas capital and enhance their financing capabilities for international market expansion. Companies like EVE Energy and CATL are focusing on overseas projects in Hungary and Malaysia, with significant portions of their IPO funds allocated for these developments [10][11]. - The postponement of the EU Battery Regulation provides a window for Chinese lithium battery companies to establish a stronger presence in the European market, which is expected to become the second-largest lithium battery market globally [10]. Group 4: Supporting Industries - Several leading material companies are also expanding their overseas production capacities, such as Rongbai Technology's planned production base in Poland and Tianci Materials' investment in Morocco [11]. - The collective movement of major players in the lithium battery supply chain towards Hong Kong indicates a new competitive landscape for the industry as it seeks to enhance its international footprint [12].