证券时报记者 钟恬 2025年的中概股市场正经历一场深刻变革。一边是极氪被私有化从纽交所退市，达达从纳斯达克退市，金融壹账 通港股美股双重退市等标志性事件接连落地，中概股从美股主动撤离的步伐持续提速；另一边，60多家中小企业 以细分赛道优势寻求全球化融资，延续着中企赴美上市的传统路径；与此同时，小马智行、禾赛等企业加速回 港，双重主要上市成为主流选择。 在监管环境变迁、估值差异分化、产业发展需求等多重因素的影响下，这场"退与进"的博弈，既是中国企业全球 化布局的缩影，也映射出全球资本市场格局的重塑。 多家巨头私有化退市 12月22日，吉利汽车公告称，正式完成对极氪的私有化及合并事项的交易，极氪成为吉利汽车的全资附属公司， 并于纽交所退市。此前12月9日已公告交易对价选择结果，70.8%的极氪股东选择股份，吉利汽车共为其配发 7.7723亿股股份；29.2%的股东选择现金，吉利汽车共支付7.01亿美元现金。 作为年内最受关注的私有化案例之一，吉利汽车推动极氪智能科技退市堪称"闪电式撤离"。极氪于2024年5月在纽 交所上市，上市首日股价大涨34.57%，但随后股价一直表现低迷。对于上市不足一年便宣布私有化，吉利 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the number of energy storage companies applying for IPOs in Hong Kong, with 18 companies noted in the first half of 2025, compared to previous years [1][10] - Notable companies such as CATL and Zhengli New Energy have successfully listed, with CATL achieving the largest IPO globally in the first half of 2025, raising over 353 billion HKD, which accounts for approximately 33% of the total financing in Hong Kong [4][5] - The article emphasizes the trend of energy storage companies seeking to list in Hong Kong to avoid the stringent requirements of the A-share market and to facilitate global expansion [18][21] Group 2 - The financing scale of energy storage companies is substantial, with 11 companies disclosing a total fundraising amount of approximately 100 billion RMB, led by CATL and Yiwei Lithium Energy [15][16] - The article notes that the majority of the funds raised are intended for capacity expansion and the establishment of global sales networks, indicating a strategic focus on international growth [16][18] - The energy storage industry is entering a phase of rapid growth, with predictions of a sixfold increase in global storage capacity by 2030, prompting companies to secure funding to enhance their competitive positioning [25][26]