Group 1 - CATL's IPO on the Hong Kong Stock Exchange raised HKD 35.6572 billion, marking the largest IPO in Hong Kong this year and indicating a new phase in the globalization of China's new energy industry [1][2] - The funds raised will primarily be allocated to the construction of projects in Hungary, accelerating the company's overseas market expansion [2] - CATL has established long-term partnerships with major global automakers, and by 2024, overseas revenue is expected to account for over 30% of total revenue [2] Group 2 - The surge in "A+H" listings reflects improved market liquidity and an optimized policy environment, with nearly 150 companies queued for IPOs on the Hong Kong Stock Exchange [3][4] - The recent trend shows a significant narrowing of valuation discounts for "A+H" listings, with leading companies like CATL experiencing reduced issuance discount rates compared to previous years [4] - The Hong Kong IPO market has regained its position as the world's largest fundraising venue, with total fundraising exceeding HKD 60 billion this year [5] Group 3 - CATL's successful listing has attracted significant interest from cornerstone investors, raising up to HKD 20.371 billion from various institutional investors, including energy giants and sovereign wealth funds [6] - There is a noticeable shift in investor sentiment towards cornerstone investments, with increased enthusiasm from overseas long-term funds [6][7] - The competitive landscape for high-quality IPOs is intensifying, leading to a greater demand for cornerstone investment positions [6][7]

Core Viewpoint - CATL's listing on the Hong Kong Stock Exchange marks a significant step towards integrating into the global capital market and advancing the global zero-carbon economy [1] Group 1: IPO Details - CATL's IPO price was set at HKD 263 per share, with a total global offering of approximately 135.6 million shares, raising nearly USD 4.6 billion, making it the largest H-share IPO in nearly four years [2] - The IPO attracted a diverse range of investors from 15 countries and regions, including sovereign funds, industry capital, and long-term institutional investors [2] - The public offering saw a subscription rate exceeding 120 times, with total subscription amounts surpassing HKD 280 billion, ranking third in the recent Hong Kong IPO freeze capital list [3] Group 2: Fund Utilization - Approximately 90% of the raised funds, amounting to HKD 276.46 billion, will be allocated to the construction of a factory in Debrecen, Hungary, which is CATL's first overseas production base [4] - The Hungarian factory is planned to have a total capacity of 72 GWh and will support major European automakers such as BMW and Mercedes-Benz [5] - The remaining 10% of the funds will be used as working capital for daily operations [4] Group 3: Strategic Vision - CATL aims to position itself not only as a battery component manufacturer but also as a provider of system solutions, aspiring to become a pioneer in the global zero-carbon economy [5] - The company is actively expanding its domestic business and predicts that the penetration rate of new energy heavy trucks will exceed 50% in the next three years [5]

5月20日，动力电池巨头宁德时代正式登陆香港交易所，摘下今年以来全球最大IPO桂冠。 宁德时代还交出了一份十分亮丽的"首秀"答卷。开盘即点燃市场热情：港股股价开盘大涨超12%，随后 涨幅又有所扩大，当日收盘涨幅达16.43%，报306.20港元/股。 作为新能源的全球龙头企业，宁德时代的上市对港股市场、对宁德时代自身都有巨大助力。 在上市仪式上，陈茂波表示，作为今年以来全球最大型的新股集资个案，宁德时代成功吸引了全球的注 意力，也成为全球投资者的聚焦点。 陈茂波表示，宁德时代在香港交易所上市反映了企业和投资者对香港股票市场的信心。今年以来，港股 的出色表现、港元的强势、蓬勃的市场氛围，也为新股市场提供了正面的预期。宁德时代的上市把这些 正面因素结合得更为突出，相信能进一步提升港股的流动性，促进市场结构的优化。在目前地缘政治纷 繁复杂、各地资金积极做多元化配置时，内地和其他地方的企业利用香港这一上市平台集资壮大发展正 当其时。 证券时报记者在上市仪式现场发现，香港特区政府财政司司长陈茂波、香港交易所主席唐家成、香港财 经事务及库务局局长许正宇、香港交易所行政总裁陈翊庭等香港财经界高层悉数出席，足见对港股引入 全 ...

Core Viewpoint - CATL is demonstrating its commitment to diversification through multiple announcements, including a significant supply agreement and a successful IPO on the Hong Kong Stock Exchange, indicating strong market confidence in its future prospects [1][9]. Group 1: Supply Agreements and Projects - CATL signed an agreement with Wanrun New Energy to supply approximately 1.3231 million tons of lithium iron phosphate products from May 2025 to 2030, with a commitment to purchase at least 80% of the agreed monthly supply [1]. - The first phase of CATL's northern base has been put into production with a capacity of 60 GWh, while the Hungarian base is planned to have a capacity of 100 GWh [4]. - CATL has initiated several overseas energy storage projects, including a 19 GWh energy storage system in the UAE and a 40 GWh project in Fuzhou, China [4]. Group 2: New Products and Technologies - CATL launched several new products, including the Xiaoyao dual-core battery and sodium-ion batteries, during a product release event [4]. - The company is also advancing its research in lithium iron phosphate technology, with a new project in Yichang adopting fourth-generation technology [6]. Group 3: Capital Market Activities - CATL's IPO on the Hong Kong Stock Exchange raised approximately HKD 35.3 billion (about CNY 32.5 billion), marking the largest fundraising of the year [1]. - The rapid response from around 23 institutional investors, including Sinopec and Hillhouse Capital, reflects the strong market interest in CATL's growth potential [1][9]. - The IPO is primarily aimed at funding the construction of the Hungarian factory, which is crucial for CATL's international expansion strategy [10]. Group 4: Strategic Positioning - CATL aims to position itself not just as a battery manufacturer but as a provider of system solutions, aligning with global carbon reduction goals [9]. - The company is actively managing its investments, holding direct stakes in over 100 companies and indirect stakes in more than 300, indicating a strategic approach to its role as an energy supplier [11].

Core Viewpoint - CATL's successful listing on the Hong Kong Stock Exchange marks a significant step towards integrating into the global capital market and advancing the zero-carbon economy [1] Group 1: Company Overview - CATL opened at HKD 296.00 per share, a 12.55% increase from the issue price on its first day of trading [1] - The company aims to be a leader in zero-carbon technology, not just a battery manufacturer, focusing on zero-carbon transportation, zero-carbon power, and industrial energy transition [3] Group 2: Market Position and Growth - CATL's lithium-ion battery sales are projected to reach 475 GWh in 2024, a year-on-year increase of 21.79%, with a market share of 38% in the global power battery sector [5] - The company has maintained its position as the world's largest power battery user for eight consecutive years, with a European market share of 43% [5] Group 3: Product Innovations - CATL has developed a comprehensive product matrix, including the Kirin battery for energy density, sodium-ion batteries for resource scarcity, and the "dual-core" battery for technological breakthroughs [4] - The company plans to launch standardized battery swapping solutions and aims to build 1,000 battery swapping stations by 2025, expanding into Southeast Asia [4] Group 4: Zero-Carbon Initiatives - CATL is positioned as a key player in the zero-carbon power system transformation, with predictions indicating a potential market size exceeding CNY 3 trillion for its zero-carbon grid business [7] - The company is actively working on integrated zero-carbon solutions and has initiated projects to promote the transition of traditional industries towards renewable energy [7]

5月20日，香港交易所的电子钟指向9:30，大厅中央巨幅屏幕代码03750下方跳动的数字，瞬间吸引着全 球资本市场的目光。 宁德时代从启动到完成港股上市仅用时128天，是备案制以来最快完成境外发行备案的上市企业，实 现"A+H"上市，加速其全球化布局。 最终，港股挂牌的首日，截至发稿前宁德时代港股股价全天最高一度涨超18%，H股最新市值1.29万亿 港元。 从受理到完成仅历时25天；从2025年2月11日递交香港上市A1申请，仅用2个月即通过港交所聆讯，用 不到100天的时间便完成了上市。 顶格定价 据悉，此次宁德时代全球发售1.35亿股，发行价格为263.00港元/股，募资356.57亿港元，其中90%用于 匈牙利项目建设。 21世纪经济报道记者费心懿上海报道 Mirae未来资产集团，是韩国的一家具有全球影响力的金融投资公司。与十年前形成鲜明对比的是，彼 时韩国动力电池产业风光无限，曾经一度在全球市场上"呼风唤雨"，甚至占据了半壁江山。而十年后， 韩国财团"用脚投票"选择了宁德时代。 宁德时代是2023年迄今全球最大IPO、过去四年最大香港IPO，"闪电闯关"背后是中国新能源企业正改 写国际资本市场的投资风 ...

Core Viewpoint - CATL has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in its global expansion strategy and capital operations [1][4]. Group 1: IPO Details - CATL's H-shares surged by 16.43% to HKD 306.2 per share, with an initial offering price of HKD 263 per share, resulting in a total market capitalization of HKD 1.39 trillion [1]. - The IPO raised approximately HKD 356.57 billion, with net proceeds around HKD 353.31 billion, making it one of the largest IPOs in the Hong Kong market in recent years [4]. - The company aims to use about 90% of the net proceeds for the construction of its Hungarian project, with the remaining 10% allocated for working capital and general corporate purposes [5]. Group 2: Financial Performance - In 2024, CATL reported a revenue of CNY 362.01 billion and a net profit of CNY 50.75 billion, reflecting a year-on-year growth of 15.01% [6]. - The first quarter of 2025 saw revenues of CNY 84.70 billion and a net profit of CNY 13.96 billion, with a gross margin of 24.4% [6]. - Despite the growth in sales volume, the company experienced a revenue decline of 9.7% in 2024 compared to 2023, attributed to lower sales prices due to a decrease in raw material costs [6]. Group 3: Market Position - CATL maintained its position as the global leader in energy storage, with a shipment volume of 110 GWh in 2024, nearly three times that of its closest competitor [7]. - In April 2024, CATL's domestic market share for power batteries fell to 39.44%, a decrease of 2.94% from the previous month, while BYD's market share increased to 26.35% [11]. Group 4: Strategic Initiatives - CATL has achieved AS9100 certification, enabling it to enter the aerospace sector, which is crucial for its expansion into drone and eVTOL markets [12]. - The company is also focusing on the battery swapping market, with plans to establish a nationwide battery swap network by 2030 and aims for a 50% market penetration in heavy-duty electric vehicles within three years [13]. - CATL's commitment to zero-carbon technology includes plans for carbon neutrality across all battery factories by the end of the year and the development of solutions for renewable energy investments [13].

香港交易所CEO陈翊庭对21世纪经济报道记者表示，据香港交易所消息，目前已有超过40家A股上市公 司向其提交了H股上市申请，还有众多A股上市公司已宣布计划在香港交易所进行二次上市。预计在未 来几个月内，将有更多A股上市公司选择在香港上市。 陈翊庭补充道，香港作为国际金融中心，其主要吸引力在于能够为上市公司开辟筹资平台，支持其离岸 扩张计划。许多中国公司正在积极推行"+1战略"，希望通过在香港上市，扩大其国际业务版图。香港交 易所为这些公司提供了一个稳固的筹资平台，助力其实现国际扩张目标。 中金公司管理委员会成员王曙光对21世纪经济报道记者表示，中国最好的公司走进全球资本市场并获得 投资人青睐并非个别现象。未来，中国还将出现一批市值更高的制造业头部公司，并获得全球投资人的 认可。 据悉，宁德时代港股IPO已吸引包括能源巨头、主权财富基金和顶级市场化机构在内的基石投资者认 购，认购金额最高达203.71亿港元，占募资总额的40%以上。参与本次基石认购的投资者包括中石化、 科威特投资局、高瓴资本、高毅资产、瑞银、橡树资本、未来资产、加拿大皇家银行、太保、泰康、博 裕、景林等。其中，中石化、科威特投资局、高瓴资本分别 ...

Core Viewpoint - CATL's successful listing on the Hong Kong Stock Exchange marks a significant milestone, raising approximately HKD 353 billion (around RMB 32.5 billion), making it the largest IPO globally this year [3][6]. Group 1: Listing Details - CATL's global offering consisted of 135 million shares, priced at HKD 263 per share, with the stock price surging over 18% on its first trading day, pushing its market capitalization beyond HKD 1.3 trillion [1][3]. - The listing was completed in a record time of 128 days, from the announcement of its intention to issue H-shares to its successful debut on the Hong Kong market [3][6]. Group 2: Fund Utilization - 90% of the funds raised will be allocated to the construction of the first and second phases of a project in Hungary, aimed at enhancing local production capabilities to meet the growing demand for power and energy storage batteries in Europe [6][7]. - The total investment for the battery production line in Hungary is expected to be no more than EUR 7.3 billion, with a production capacity of 100 GWh planned over three phases [6]. Group 3: Market Expansion and Competition - CATL aims to expand its overseas market presence in response to increasing competition in the domestic market, where it has maintained the top position in global power battery installations for eight consecutive years [7]. - The company faces challenges from rising competition and fluctuating raw material prices, which have impacted battery prices and sales growth in the electric vehicle sector [7]. Group 4: Strategic Vision - CATL's chairman emphasizes the company's ambition to be more than just a battery manufacturer, aspiring to become a provider of system solutions and a zero-carbon technology company [8]. - The listing is seen as a step towards deeper integration into the global capital market, supporting CATL's commitment to the global zero-carbon economy [8].

5月20日，宁德时代在香港联合交易所主板挂牌上市（股票代码为03750.HK）。 宁德时代此次港股上市，全球发售股份总数为绿鞋前1.35亿股，发行价格为263.00港元/股。 本次发行是首个以"仅设定价格上限"方式完成定价的"先A后H"上市项目，所设价格上限较定 价当日A股收盘价零折扣。本次港股上市从启动到完成仅用时128天。投资者涵盖了来自15个 国家和地区的主权基金、产业资本、长线机构、保险资金及多策略基金等。港股上市开盘即高 开，开盘价296.00港元/股，较发行价上涨12.55% 。 宁德时代正全力以赴研究零碳电网技术，包括电力电子、柔性调控、虚拟电厂等技术，打造新 型零碳电力系统，让零碳科技惠及千家万户。 全球产业新能源化零碳经济的最大增量 当前已有195个国家和地区公布碳减排国家自主贡献目标，各国都在加快能源结构转型。国际 能源署预测，2030年起，为实现"净零排放"，全球投资每年将达4.5万亿美元。 上市仪式上，宁德时代董事长兼CEO曾毓群发表《创新全球零碳科技，推动全球零碳经济》主 题讲话，并从全球零碳交通、全球零碳电力以及全球产业新能源化三个领域，分别介绍了全球 零碳经济的市场前景以及宁德时 ...