Policy - The Ministry of Ecology and Environment, along with six other departments, released the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)", aiming for a 40% completion rate of beautiful rivers and lakes by 2027, with significant results expected by 2030 and basic completion by 2035. The plan also emphasizes the promotion of new energy vessels such as green alcohol, green ammonia, and green hydrogen [2] - The National Energy Administration issued the "Interim Measures for the Management of Nuclear Power Engineering Quotas", establishing a Nuclear Power Engineering Quota Expert Committee to provide technical reviews and consulting for nuclear power engineering quota management [3] Events - Contemporary Amperex Technology Co., Ltd. (CATL) officially listed on the Hong Kong Stock Exchange on May 20, with an IPO price of HKD 263 per share, opening at HKD 296 and closing at HKD 306.2. The total fundraising reached HKD 41 billion, marking the largest IPO in Hong Kong in recent years and globally for the year, with 90% of the funds allocated for projects in Hungary [6] - China Huadian New Energy Group's IPO was approved by the China Securities Regulatory Commission, with plans to raise approximately CNY 18 billion for the construction of 15.17 GW of wind and solar power projects [7] Industry Trends - The U.S. is set to quadruple its nuclear power capacity over the next 25 years, as President Trump signed several executive orders to accelerate nuclear energy development, including reforms to the regulatory processes of the Nuclear Regulatory Commission [4] - Germany is signaling a potential shift in its nuclear policy, indicating it will no longer block nuclear energy from receiving equal treatment with renewable energy in EU legislation. This change comes as public support for nuclear energy in Germany has risen to 55%, a 23% increase from three years ago, driven by energy supply challenges and rising prices [5] - The U.S. Energy Information Administration (EIA) predicts that U.S. electricity consumption will reach historical highs in 2025 and 2026, driven by the expansion of emerging industries such as artificial intelligence and electric vehicle electrification, with expected demand of 4,205 billion kWh in 2025 and 4,252 billion kWh in 2026 [9]

比如，家电制造商美的集团（Midea Group Co.）去年在香港筹集46亿美元时，其发行价相比深圳股 价折让了约20%；而中国旅游集团中免股份有限公司（China Tourism Group Duty FreeCorp.）在 2022年香港上市时，折扣幅度更是高达27.5%。 导 语 ：宁德时代克服重重阻力，在中美紧张局势下完成了今年或为全球最大规模的上市交 易。 宁德时代新能源科技股份有限公司（Contemporary Amperex Technology Co. Ltd.）计划通过香港上 市筹集至少40亿美元。据知情人士透露，由于市场对其股票需求强劲，宁德时代将定价定在此前发 布的价格区间上限。 据知情人士透露，中国电动车电池制造商宁德时代（CATL）告诉投资者，公司计划以每股263港元 的价格发行股票。由于信息尚未公开，知情人士要求匿名。263港元是公司在本周一开始接受投资 者认购时设定的最高价格。据悉，宁德时代预计将在本周三截止接单。 宁德时代（CATL）计划以当前定价筹集310亿港元（约合40亿美元），该定价基于基础发行的1.18 亿股股份计算。如果行使15%的超额配售权，募集金额可能增至46亿 ...

Core Viewpoint - The competition among investment banks for the underwriting role in CATL's Hong Kong listing is intensifying, driven by the significance of participating in a major transaction after a prolonged period of inactivity in the market [1][3][10]. Group 1: CATL's Market Position and Financials - CATL is the world's largest battery manufacturer, holding over one-third of the global electric vehicle battery shipment market, with notable clients including Tesla and Volkswagen [3][9]. - The company is expected to achieve a net profit of approximately $7.3 billion in 2024 [3]. - CATL's market capitalization is currently valued at $163 billion, with its stock price increasing by over 70% in the past 12 months [9]. Group 2: Details of the Listing - The upcoming listing, referred to as "Bright 8," is projected to raise over $5 billion, marking it as the largest IPO in Hong Kong since Kuaishou's debut in 2021 [2][8]. - The funds raised will be utilized for expansion in Europe, particularly for building a battery factory in Debrecen, Hungary, to serve clients like BMW, Stellantis, and Volkswagen [6][7]. Group 3: Competitive Landscape Among Investment Banks - Major banks are prioritizing CATL's listing, with some executives foregoing holiday plans to pitch to the company [3][10]. - JPMorgan secured the sponsorship role for the listing by engaging CATL's chairman at a conference in Shanghai, while other banks involved include Bank of America, CICC, CITIC Securities, Goldman Sachs, Morgan Stanley, and UBS [11]. - Despite the low fees associated with the transaction, banks are eager to participate due to the scarcity of large deals, with fees set at 0.2% of the transaction size, plus potential additional earnings from incentive payments and brokerage fees [14][15].