Core Insights - CATL officially listed on the Hong Kong Stock Exchange on May 20, with an opening price of HKD 296 per share, a 12.55% increase from the issue price, and a closing price of HKD 306.2, marking a 16.43% rise [1][3] - The total market capitalization reached HKD 1.38 trillion, making it one of the largest IPOs in Hong Kong in recent years and potentially the largest globally for the year [1] - The listing process was notably swift, taking only 128 days from the submission of the application to the actual listing [1] Fundraising and Market Demand - CATL raised HKD 356.6 billion through the issuance of 135 million shares, with a net fundraising amount of HKD 353.3 billion after deducting fees [3] - The public offering in Hong Kong was oversubscribed by 151.15 times, while the international offering was oversubscribed by 15.17 times, indicating strong demand from institutional investors [3] - The funds raised will primarily be allocated to the construction of a battery production facility in Debrecen, Hungary, with a total investment of EUR 4.9 billion (approximately RMB 397.9 billion) [6] Market Position and Financial Performance - CATL is projected to hold a 37.9% global market share in power batteries by 2024, maintaining its position as the market leader for eight consecutive years [5] - The company also expects a 36.5% market share in energy storage batteries for 2024, continuing its leadership for four years [5] - Profit forecasts for CATL show stable growth, with expected profits of RMB 335 billion, RMB 473 billion, and RMB 553 billion for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 41.5% and 16.8% for 2023 and 2024 [5] Global Expansion Strategy - The listing is seen as a crucial step in CATL's global strategy, enhancing its ability to respond to increasing demand for batteries in Europe and other international markets [6][8] - CATL has established battery factories in Germany, Hungary, and Spain, with the German factory commencing operations in early 2023 [8] - The establishment of local production capabilities in Europe is aimed at improving supply chain stability and responsiveness to customer needs [8] Industry Trends - The trend of Chinese companies pursuing dual listings (A+H shares) is gaining momentum, with several other companies in the lithium battery and photovoltaic sectors also planning to list in Hong Kong [9] - The European electric vehicle market is rapidly growing, with a significant battery production capacity gap, presenting opportunities for companies like CATL [7] - The Hong Kong listing is expected to attract more overseas investors and enhance the visibility of Chinese companies in the global market [10]

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 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 ），成为继 2018 年登陆深交所创业板后，其资本化进程的又一里 程碑。 此次港股发行以 "先 A 后 H "模式推进，共发行 1.18 亿股 H 股， 发行价为 263.00 港元 / 股，募资总额约 310 亿港元（约合 40 亿美元） ，创 下近年来新能源领域港股 IPO 规模之最。 宁德时代此次港股发行采用 "仅设价格上限"的定价机制， 最终发行价较 A 股当日收盘价（ 422.99 元人民币）实现零折扣 ， 也 成为近十年来首单 定价机制创新 ， 且折价率最低的 " A+H "项目。 据悉 ，本次发行吸引了来自全球 15 个 ...

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 (Contemporary Amperex Technology Co., Limited) has successfully listed on the Hong Kong Stock Exchange, with a closing price of 306.20 HKD, reflecting a 16.43% increase from the opening price of 296.00 HKD [1] Group 1: Company Overview - CATL is a global leader in innovative energy technology, primarily engaged in the research, production, and sales of power batteries and energy storage batteries [1] - The company aims to promote the replacement of mobile and fixed fossil energy through electrification and intelligence [1] Group 2: IPO Details - The total number of shares issued by CATL is 135,578,600, with 10,168,400 shares allocated for public offering in Hong Kong and 125,410,200 shares for international offering [2] - The final offering price was set at 263.00 HKD, raising a total of 35,657.2 million HKD, with a net amount of 35,331.2 million HKD after deducting estimated listing expenses of 325.9 million HKD [2][3] - The net proceeds from the fundraising will be used for the construction of the first and second phases of the Hungary project, working capital, and other general corporate purposes [3] Group 3: Historical Fundraising - Over the past five years, CATL has raised a total of 64.7 billion RMB through two fundraising rounds [7]

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].

Core Insights - Guoxuan High-Tech showcased its advancements in battery technology at the 2025 Global Technology Conference, introducing six new battery products including the Jinshi all-solid-state battery and the Gyuan quasi-solid-state battery, highlighting its comprehensive industry layout [1][3] Group 1: All-Solid-State and Quasi-Solid-State Battery Developments - The Jinshi all-solid-state battery has achieved a 150% increase in single-cell capacity and a 90% reduction in pre-tension force compared to 2024, successfully passing various safety tests [3] - Guoxuan High-Tech's first all-solid-state experimental line has a designed capacity of 0.2 GWh with a 90% yield rate and 100% localization of core equipment [3] - The Gyuan quasi-solid-state battery boasts an energy density of 300 Wh/kg, enabling electric vehicles to achieve a range of 1000 kilometers, with a planned production line capacity of 12 GWh [3][4] Group 2: Market Strategy and Product Applications - The Gxing super heavy-duty truck standard box, featuring a 116 kWh battery with an energy density of 175 Wh/kg, is designed for various applications including tractors and mixers, and has already entered mass production [5][6] - The company anticipates a 30% annual growth in the electrification rate of commercial vehicles over the next five years, potentially reaching 50% by 2030 [6][7] Group 3: Innovations in Battery Materials - Guoxuan High-Tech has developed the Qicheng manganese iron lithium positive electrode material, achieving an annual production capacity exceeding 10,000 tons, and has successfully integrated it into mainstream electric vehicle models [8][9] - The manganese iron lithium technology fills the energy density gap between ternary lithium and lithium iron phosphate, with potential for cost reduction and performance improvement in the competitive market [9]

Group 1 - The core viewpoint of the articles highlights that the H-shares of companies like Ningde Times and BYD are trading at a premium compared to their A-shares, which is a rare occurrence in the current market environment where most A-shares are priced higher than H-shares [1][4] - Ningde Times' IPO in Hong Kong raised approximately HKD 35.3312 billion by offering around 135.6 million shares at an issue price of HKD 263 per share, with 90% of the funds allocated to projects in Hungary to enhance local supply capabilities [2][3] - The company reported a projected revenue of CNY 362.013 billion and a net profit of CNY 50.745 billion for the year 2024, reflecting a year-on-year growth of 15.01% [2] Group 2 - The Hong Kong Financial Secretary noted that Ningde Times' successful listing reflects confidence in the Hong Kong stock market and the acceleration of mainland enterprises' global strategies [3] - The H-share premium index indicates that A-shares are generally trading at a 33.31% premium over H-shares, with Ningde Times and BYD being exceptions to this trend [4] - Analysts suggest that the strong performance of Ningde Times in the Hong Kong market is due to its leadership position in the global battery manufacturing sector, attracting foreign investment [4][5]

Report Summary Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On May 19, there were 29投融资 events in domestic and foreign venture capital markets, with 23 domestic and 6 foreign enterprises, and the total financing amount was about 1.473 billion yuan [3]. - The listing of CATL on the Hong Kong Stock Exchange is a key step in its global strategy, which helps expand the international market and may promote more enterprises to choose the "A + H" dual - track model [9]. Content Summary by Directory Fund - raising Events - On May 18, Lhasa set up a 1.5 - billion - yuan industrial strong - city investment mother fund and a cultural and tourism industry investment sub - fund, managed by Yida Capital [3]. - On May 19, Zhangjiang Hi - Tech's subsidiary participated as a limited partner in the Yuanhe Puhua Integrated Circuit Industry Fund with a target scale of about 2 billion yuan, and it subscribed 100 million yuan [4]. Large - scale Financing - On May 19, Owner completed a $120 - million Series C financing from Y Combinator to accelerate technology innovation and market expansion [5]. - On May 19, Chuangxin International completed nearly 100 million yuan in Series B financing to accelerate R & D transformation and global business layout [6]. - On May 19, Xiling Vision completed several million yuan in Pre - A financing to accelerate mass production, technology iteration, and global market expansion [7][8]. Global IPO - On May 20, CATL listed on the main board of the Hong Kong Stock Exchange, with an expected fundraising scale of $4 - 5 billion, potentially the largest IPO in the Hong Kong stock market this year [9]. Policy Focus - On May 19, nine departments including the Ministry of Industry and Information Technology jointly issued an implementation opinion to promote the high - quality development of the technology service industry, covering multiple key areas and promoting high - end, intelligent, green, and integrated development [10]

来源：光明网 5月20日，宁德时代在香港联合交易所主板挂牌上市，成为国内首家同时在A股和H股上市的动力电池公 司，也成为近年来港股市场规模最大的IPO项目之一。 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%。 在构建零碳电力体系方面，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。 "今年，我们所有电池工厂将实现碳中和。"曾毓群表示，宁德时代正在探索一体化零碳解决方案，与多 方合作打造零碳岛，共建零碳产业园，打造全域零碳示范城市。 当前，宁德时代已在全球设立了六大研发中心，全球研发人员超过2万名。今年2月，宁德时代香港研究 院正式启动运营。曾毓群表示，过去十年，宁德时代投入了超过700亿元研发经费，拥有专利及在申请 专利超43000项，连续五年新增专利数行业第一。 ...

Core Viewpoint - Ningde Times officially listed on the Hong Kong Stock Exchange, becoming the first domestic power battery company to be listed on both A-shares and H-shares, marking a significant milestone in its global capital market integration [1][3]. Group 1: Listing Details - The company submitted its prospectus in February and received approval from the Hong Kong Stock Exchange in April, completing the listing process in just over three months [3]. - A total of 135 million shares were issued at a price of 263 HKD per share, representing approximately 3% of the total share capital as of the end of Q1 [3]. - The net fundraising amount is approximately 35.3 billion HKD (about 32.5 billion RMB), making it the largest fundraising globally this year and the highest in over four years for the Hong Kong market [3]. Group 2: Market Performance - As of May 20, the stock price in Hong Kong reached 296.6 HKD, an increase of 12.89%, while the A-share price was 257.31 RMB, showing a decrease of 1.03% [3]. Group 3: Investor Participation - 23 institutional investors, including Sinopec, Kuwait Investment Authority, and Hillhouse Capital, subscribed to 57.1% of the issued shares, with Sinopec and Kuwait Investment Authority contributing the highest amounts of 3.87 billion HKD each [3]. Group 4: Strategic Focus - The chairman stated that the Hong Kong listing allows the company to integrate more broadly into the global capital market and is a new starting point for promoting a global zero-carbon economy [3]. - Ningde Times is recognized as a leader in power and energy storage batteries, holding the top position in power battery installation for eight consecutive years and leading the energy storage battery market for four years [3]. Group 5: Fund Utilization - 90% of the raised funds will be allocated to the construction of the first and second phases of the Hungary project, with the remaining funds used for working capital [4]. - The Hungary project has a planned capacity of 72 GWh and a total investment of approximately 4.9 billion euros [4]. - The company’s first overseas production base was established in Germany, which helps mitigate trade risks and expand into the European and American markets [4].