CATL(SZ:300750) 21世纪经济报道·2025-07-27 00:08Core Viewpoint - The ongoing trend of A-share companies pursuing secondary listings in Hong Kong is driven by a combination of policy relaxation, corporate globalization, and global capital reallocation, reflecting considerations of financial security and global competitiveness [1]. Group 1: Market Activity - As of July 23, 2023, a total of 247 companies have submitted listing applications to the Hong Kong Stock Exchange (HKEX), including 42 A-share companies and 5 subsidiaries of A-share companies [1]. - In the first half of the year, the IPO fundraising amount in Hong Kong reached HKD 1,067 million (approximately RMB 973.24 billion), with major contributions from A-share companies [3]. - Since September of last year, 13 A-share companies have listed in Hong Kong, with 9 being technology firms, indicating a strong preference for tech companies in this trend [4]. Group 2: Strategic Implications - Hong Kong serves as a "super jump board" for technology companies, allowing them to establish an "A+H" dual financing platform that facilitates better global resource integration and accelerates internationalization [5]. - The capital efficiency and valuation advantages of Hong Kong listings are significant for technology companies, as they can attract strategic investors and enhance their international brand presence [5]. - The active investment environment in the Hong Kong market provides favorable valuations for technology firms [6]. Group 3: Foreign Investment Trends - There has been a notable increase in foreign participation in Hong Kong IPOs, with cornerstone investors accounting for 45.2% of the companies listed in 2025, up from 33.2% in 2023 [9]. - The international placement for companies like CATL reached 92.5%, showcasing strong interest from global institutional investors [9]. - The return of international long-term funds to the Hong Kong market has diversified the types of cornerstone investors available for A-share companies [10]. Group 4: Future Outlook - The trend of A-share companies pursuing secondary listings in Hong Kong is expected to continue, driven by the ongoing opening of China's capital markets and the need for companies to engage in global competition [11]. - Companies are encouraged to balance short-term gains with long-term strategic value, leveraging the Hong Kong platform for global resource allocation [11]. - Challenges such as valuation risks, regulatory differences, and operational pressures must be addressed through digital tools and a focus on core competencies [12].