证券时报记者程丹 今年以来，A股龙头上市公司在港股市场掀起一轮上市热潮。近日，消费电子产品制造商龙头立讯精密 向港交所递交发行H股的申请，拟实现"A+H"双重上市。8月已有均胜电子、万兴科技、普源精电、可 孚医疗等多家A股上市公司相继披露了赴港上市的计划及最新进展。 "A+H"案例频出，得益于灵活宽松的政策环境以及企业质量、战略布局的提升。被誉为"东北药茅"的长 春高新在此前发布的公告中表示，公司拟在境外发行股份（H股）并在香港市场上市，旨在深化公司全 球化战略布局，加快国际化进程，增强公司在境外的融资能力，进一步提升公司国际品牌形象。 致同香港审计主管合伙人吴嘉江表示，企业要实现全球化战略布局，需要国际融资平台的有力支持。通 过赴港上市，企业能够接触到更为广泛的国际投资者群体，获取多元化的资金来源，为海外业务拓展、 产能扩张等战略举措提供充足的"粮草弹药"。同时，能够进一步提升品牌国际影响力，分散单一市场风 险并优化股东结构。 得益于"A+H"的火爆，今年以来，港交所的IPO市场持续活跃。前7个月，就有53家企业在港交所主板 成功上市，IPO募资金额为1270亿港元，较去年同期大幅上升6倍，超越过去全年的募 ...

消费电子精密制造龙头立讯精密亦于7月2日宣布筹划H股上市，拟发行不超过总股本5%的股份，并授予承销商 15%超额配售权。公司表示，此举旨在深化全球化战略布局，增强境外融资能力，提升治理透明度。另一家消费 类锂电池模组制造商欣旺达也于7月30日向港交所递交申请，募资将用于海外产能扩张及国际业务拓展。 港股市场升温的背后，是监管协作机制的持续优化。2024年以来，中国证监会与港交所多次出台政策支持企业赴 港上市。备案程序简化：对先A后H企业实施快速备案通道，宁德时代从递表到获准仅用时44天；审批流程加速： 港交所承诺对市值超百亿港元的A股公司，30天内完成审核；融资渠道多元化：允许企业通过"闪电配售"机制快 速融资，宁德时代H股国际配售占比达92.5%，吸引中东主权财富基金、瑞银资管等23家国际机构参与。 平安证券研报指出，近两年赴港上市的中资企业呈现"市值提升""含科量提高""出海加速"三大趋势。以宁德时代 为例，其港股募资超410亿港元，用于海外电池工厂建设，2025年上半年海外营收占比已提升至35%。 业内人士普遍认为，A股公司赴港上市潮将持续至2026年。香港证监会行政总裁梁凤仪表示，将通过"一盾三 箭" ...

Industry Overview - The ternary cathode materials are a type of lithium-ion battery cathode material, primarily composed of nickel (Ni), cobalt (Co), manganese (Mn), or aluminum (Al), with performance optimized by adjusting the elemental ratios [2][5] - The global demand for ternary cathode materials is projected to grow significantly, with application demand increasing from 293,000 tons in 2019 to 971,000 tons in 2024, while supply is expected to rise from 321,000 tons to 1,808,000 tons in the same period [1][8] Market Dynamics - The ternary lithium battery is experiencing unprecedented growth due to the dual drivers of energy transition and environmental protection, with a projected demand of 488 GWh for ternary lithium batteries by 2024 [5] - The market for ternary cathode materials is facing challenges such as oversupply and declining utilization rates, which have dropped from 91% in 2019 to 52% in 2024 [8][19] Competitive Landscape - In the current market, some mid-nickel high-voltage manufacturers are gaining market share, with Nantong Ruixiang achieving a 25% market share in early 2025, surpassing leading high-nickel manufacturers [11] - Major companies in the sector include BTR New Material Group, Rongbai Technology, and Huayou Cobalt, with significant revenue declines reported in 2024 [13][15] Development Trends - The industry is moving towards high-nickel and ultra-high-nickel materials, with NCM 811 and above becoming mainstream, enhancing battery energy density and extending lifespan [17] - Solid-state battery technology is creating new growth opportunities for ternary cathode materials, with high-nickel materials being crucial for achieving energy densities above 300 Wh/kg [18] - Companies are accelerating global expansion to mitigate domestic overcapacity pressures, with leading firms establishing production bases in countries like South Korea and Poland [19]

Group 1 - The core viewpoint of the articles highlights the significant increase in overseas listings by Fujian enterprises, with a total of 7 new companies listed abroad this year, ranking 4th in the number of new listings on the Hong Kong Stock Exchange [1][3] - Yiwate Robot, a company specializing in automation equipment, emphasizes the strategic importance of its NASDAQ listing for attracting international capital and enhancing global influence [1][2] - The trend of Fujian companies going public abroad is supported by the province's strong overseas networks and favorable policies aimed at facilitating international market entry [3][4] Group 2 - Companies like Jihong Co. and Anjiu Food have successfully utilized their listings to enhance their international presence, with Jihong Co. achieving over 60% of its revenue from overseas markets [2][3] - The articles indicate that the majority of Fujian enterprises listed abroad are in consumer sectors, aligning with investor preferences for stable cash flow businesses [4] - The Fujian government has implemented various supportive policies to encourage companies to list overseas, including measures to streamline the listing process for technology firms [5][6]

Core Viewpoint - The demand for Chinese fintech companies to expand internationally is increasing, driven by the consensus that "going abroad is essential for survival" in the context of global economic adjustments and digital transformation [1][2]. Group 1: Industry Trends - The globalization wave among domestic enterprises is strong, with leading companies, cross-border e-commerce, and financial services acting as significant enablers for international expansion [2]. - As of now, nearly 12,000 fintech companies exist in China, primarily located in major cities like Beijing, Shanghai, Shenzhen, and Hangzhou, accounting for over 60% of the market [3]. - China's fintech market is projected to reach $5 trillion, representing over 40% of the global total, making it the fastest-growing and largest market worldwide [3]. Group 2: Opportunities and Challenges - Despite the growing demand for international expansion, companies face significant challenges, particularly in cross-border regulation and localization [5][6]. - The complexity of regulatory compliance across different countries increases operational costs for Chinese fintech firms looking to enter foreign markets [5]. - Local data protection laws and the need for localized teams and products further complicate the internationalization process, raising costs for companies [6]. Group 3: Strategic Recommendations - Companies are encouraged to adopt a long-term strategy for international expansion, focusing on local market needs and regulatory compliance [8][9]. - Building local development teams and understanding regional demands are crucial for successful market entry [8]. - Collaboration and synergy within the industry can enhance competitive advantages in international markets [9]. Group 4: Role of Hong Kong - Hong Kong serves as a vital hub for mainland companies looking to expand internationally, offering standardized services, capital market access, and talent support [9]. - The city can assist in various areas, including international standards, fundraising, and talent acquisition, which are essential for successful international operations [9].

Core Viewpoint - The Hong Kong IPO market is experiencing a surge in activity, particularly among consumer companies, indicating a rapid capitalizing process and a strategic ambition for global expansion [1][3]. Group 1: New Tea Beverage Companies - New tea beverage brands such as Mixue Ice City and Gu Ming have successfully listed on the Hong Kong Stock Exchange, with significant fundraising potential to accelerate business expansion and enhance competitiveness [2][5]. - The listing of new tea brands is seen as a major milestone that boosts confidence among franchisees and investors, thereby improving brand image [2]. Group 2: Restaurant Sector - Restaurant brands like Lao Xiang Ji and Yu Jian Xiao Mian are also in the process of listing, with Lao Xiang Ji having previously attempted to list on A-shares unsuccessfully [2][3]. - The restaurant sector is emerging as a key player in the IPO wave, following the new tea beverage companies [2]. Group 3: Market Dynamics - The preference of Hong Kong investors for consumer stocks and the strategic push for domestic consumption are driving the trend of consumer companies seeking overseas listings [3][4]. - The flexibility of the Hong Kong market and its ability to connect with global investors are significant factors attracting consumer companies to list there [3][4]. Group 4: Global Expansion Strategies - Listing abroad is not only a financing avenue but also a crucial step for consumer companies in their global expansion strategies [4]. - Companies like Mixue Ice City plan to open over 500 new overseas stores by 2025, focusing on markets in Belt and Road countries, North America, and Europe [4]. - Green Tea Group has initiated its overseas expansion plan, with plans to open 28 new restaurants abroad between 2025 and 2027 [4]. Group 5: Market Reception - Investor recognition of consumer companies is on the rise, with Mixue Ice City achieving a market capitalization of HKD 76.3 billion and receiving over HKD 1.84 trillion in subscription amounts [5]. - The opening price of Mixue Ice City was HKD 262.00 per share, reflecting a 29.38% increase from the issue price, while Hu Shang A Yi saw a 68.49% increase on its first trading day [5].

Core Viewpoint - The company is actively expanding its global multilingual font offerings to meet the needs of domestic and international clients, particularly as they pursue overseas business opportunities [1][2]. Group 1: Business Strategy - The company aims to enhance its product services for large and medium-sized domestic clients while also laying a solid foundation for its font tools and services to enter overseas markets [1]. - The company maintains a strong advantage in customized font services, driven by the increasing global demand for multilingual font libraries due to clients' international strategies [2]. Group 2: Product Development - Following the success of the "MiSans" multilingual project for Xiaomi in 2023, the company plans to upgrade the OPPO Sans font library to version 4.0 in 2024, adding an Arabic font library [2]. - The company has developed the "QiHei Global" font solution, which covers major global language systems including Latin, Cyrillic, Arabic, Japanese, and Korean, providing comprehensive font solutions for enterprises' global layouts [2]. Group 3: Market Expansion - The company has launched the overseas version of FontApp, which offers Western font management services targeting the European and American markets [2]. - The overseas version of the AI font tool station, FontKit, has also been launched, providing services such as AI font recognition, AI image text erasure, and AI font matching [2].