Core Insights - The article discusses the increasing trend of Chinese companies pursuing dual listings in both A-shares and H-shares, highlighting the recent listing of Jihong Co., marking the fifth such company in 2023 [1] - The surge in dual listings is accompanied by significant capital inflow, particularly noted in the IPO of CATL, which raised a total of HKD 41.006 billion, attracting numerous international investment institutions as cornerstone investors [2][3] Group 1: Market Trends - The number of Chinese companies achieving dual listings has accelerated, with only seven companies completing this from 2021 to 2023, indicating a notable increase in activity [1] - The competitive landscape for cornerstone investors has intensified, with a scarcity of available investors for recent IPOs, particularly noted since Q4 2024 [3][4] Group 2: Investment Dynamics - CATL's IPO exemplifies the trend of high demand for cornerstone investors, with 21 investors participating, contributing amounts ranging from USD 3 million to USD 500 million [4] - The shift in the purpose of Chinese companies going public in Hong Kong is evident, as they increasingly focus on international business expansion rather than solely attracting international capital [5] Group 3: Underwriting Landscape - The underwriting market has seen a decrease in fees, with CATL's underwriting fee at only 0.2%, significantly lower than the typical 2%-2.5% range for IPOs [6][8] - The competitive pressure has led to a rise in the market share of Chinese investment banks in Hong Kong, with three out of the top five firms in terms of fundraising being Chinese [8][9] Group 4: Role of Chinese Investment Banks - Chinese investment banks are increasingly taking on prominent roles as lead underwriters for major IPOs, a shift from the past when global banks dominated this space [9][10] - The trend indicates a growing influence of Chinese firms in the Hong Kong IPO market, as evidenced by their leading positions in recent high-profile listings [9]