Core Viewpoint - CATL's listing on the Hong Kong Stock Exchange marks a significant step in its integration into the global capital market, with the company aiming to accelerate its international expansion through substantial fundraising efforts [1][3]. Group 1: IPO Details - CATL officially listed on the Hong Kong Stock Exchange on May 20, 2023, with an IPO price of HKD 263 per share, reaching a maximum stock price of HKD 311.4 on the first day, resulting in a peak market capitalization of HKD 1.4 trillion, making it the largest IPO globally this year [3]. - The IPO attracted major cornerstone investors, including Sinopec, Kuwait Investment Authority, Hillhouse Capital, UBS, and Oaktree Capital, indicating strong market confidence [3]. - The funds raised will primarily be allocated to the construction of CATL's factories in Hungary, with 90% of the capital earmarked for this purpose [3][4]. Group 2: International Expansion Strategy - CATL's rapid IPO process took only 128 days from the submission of the listing application to the actual listing, showcasing the company's efficiency [4]. - The company aims to establish itself as a "zero-carbon" technology firm, having invested over CNY 70 billion in R&D over the past decade, with more than 43,000 patents filed [6]. - The construction of the new factory in Hungary is part of CATL's strategy to meet the growing demand from European automakers like Mercedes-Benz, BMW, Stellantis, and Volkswagen [8][10]. Group 3: Financial Performance and Market Position - CATL's revenue for 2022, 2023, and 2024 is projected to be CNY 328.6 billion, CNY 400.9 billion, and CNY 362 billion, respectively, with net profits of CNY 33.5 billion, CNY 47.3 billion, and CNY 55.3 billion, indicating a rising net profit margin [13]. - Despite strong sales growth in battery systems, CATL faces revenue declines due to falling raw material prices, particularly lithium carbonate, which has dropped from nearly CNY 600,000 per ton to around CNY 70,000 per ton [15][17]. - The company is experiencing a decrease in market share, projected to fall from 52% in 2021 to 37.9% in 2024, alongside a decline in capacity utilization rates [15][20]. Group 4: Challenges and Competitive Landscape - CATL is navigating a complex landscape characterized by overcapacity in the industry, competition from automakers developing their own batteries, and rising compliance costs due to new regulations in Europe [15][18]. - The company is also facing challenges from price wars and the need to innovate to maintain its competitive edge in the market [17][20].

恒生指数开盘涨0.23% 智通财经5月21日电，香港恒生指数开盘涨0.23%。恒生科技指数涨0.28%。美图公司涨近15%，与阿里 巴巴达成战略合作。高鑫零售涨超12%。宁德时代上市次日高开4.5%。 ...

长江商报消息 ●长江商报记者 沈右荣 大涨16.43%！"宁王"宁德时代（300750.SZ，03750.HK）港股上市首日，开启了资本盛宴。 5月20日，宁德时代在港交所主板挂牌交易，开盘价296港元/股，较发行价上涨12.55%，盘中一度上涨18.40%，最 终收报306.20港元/股，涨幅为16.43%。 本次发售的投资者属性丰富且地域多元，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。 此次IPO，宁德时代全球发售约1.36亿股（含超额配售权）股份，募资约357亿港元，约合人民币329亿元。其中， 92.5%由机构认购，中石化、高瓴资本、高毅资产、瑞银等全球知名资本均提前锁定拟认购的股份。 首日大涨，机构投资大赚超50亿元。 宁德时代本次港股IPO，成为年内全球最大规模IPO项目，引发市场高度关注。宁德时代实控人、董事长曾毓群表 示，宁德时代此次在香港上市，意味公司更加融入全球资本市场，亦是推动全球零碳经济的新起点。 在市场看来，本次IPO获得329亿元"弹药"，将助力宁德时代加速扩围海外版图。 2024年，宁德时代来自海外市场收入为1103.36亿元，占营业收入 ...

◎记者唐燕飞 5月20日，宁德时代在港交所主板挂牌上市。当日，该股高开超12%，盘中涨幅一度扩大至18.4%。截至 收盘，宁德时代H股报306.2港元/股，涨16.43%，成交额超82亿港元。 当日,宁德时代A股收盘价为263元/股，汇率换算后，H股较A股溢价约为7.4%，这一情况在港股较为罕 见。 业内人士认为，宁德时代H股上市有较大概率被纳入恒生指数、MSCI指数及港股通名单，有望吸引更 多被动资金配置，而且宁德时代H股投资者以机构为主，这些因素共同推动了宁德时代H股较A股有溢 价。此前在发行阶段，宁德时代H股首发价就创下了过去10年最低的H股发行价较A股股价的折扣率水 平。这一案例或许预示着，未来龙头企业赴港上市将更强调"价值对标"而非"折价融资"。 多重因素推动 宁德时代H股较A股现溢价 宁德时代H股上市首日，H股收盘价格超过A股。在此之前，A股公司赴港股上市时，H股股价较A股长 期普遍折让。比如，2022年中国中免H股上市时，其发行价较A股当时股价折让了27%。2024年9月美的 H股上市时，也较当时A股价格折让约20%。 一名港股市场资管人士也表示，自去年9月底以来，在多重利好因素推动下，中国风险 ...

5月20日，动力电池巨头宁德时代正式登陆香港交易所，摘下今年以来全球最大IPO桂冠。 宁德时代还交出了一份十分亮丽的"首秀"答卷。开盘即点燃市场热情：港股股价开盘大涨超12%，随后 涨幅又有所扩大，当日收盘涨幅达16.43%，报306.20港元/股。 作为新能源的全球龙头企业，宁德时代的上市对港股市场、对宁德时代自身都有巨大助力。 在上市仪式上，陈茂波表示，作为今年以来全球最大型的新股集资个案，宁德时代成功吸引了全球的注 意力，也成为全球投资者的聚焦点。 陈茂波表示，宁德时代在香港交易所上市反映了企业和投资者对香港股票市场的信心。今年以来，港股 的出色表现、港元的强势、蓬勃的市场氛围，也为新股市场提供了正面的预期。宁德时代的上市把这些 正面因素结合得更为突出，相信能进一步提升港股的流动性，促进市场结构的优化。在目前地缘政治纷 繁复杂、各地资金积极做多元化配置时，内地和其他地方的企业利用香港这一上市平台集资壮大发展正 当其时。 证券时报记者在上市仪式现场发现，香港特区政府财政司司长陈茂波、香港交易所主席唐家成、香港财 经事务及库务局局长许正宇、香港交易所行政总裁陈翊庭等香港财经界高层悉数出席，足见对港股引入 全 ...

Core Insights - CATL (Contemporary Amperex Technology Co., Limited) officially listed on the Hong Kong Stock Exchange on May 20, 2025, marking the full implementation of its "A+H" dual capital platform [3] - The global offering consisted of 135.6 million shares at a price of HKD 263 per share, raising approximately HKD 35.657 billion (around USD 4.6 billion), making it the largest IPO in Hong Kong in nearly four years [3][4] - The funds raised will primarily be invested in the construction of a manufacturing base in Debrecen, Hungary, accelerating local production capacity in Europe [4] Market Impact - The IPO broke several market conventions, including being the first "A+H" listing to set a price ceiling without a discount to the A-share closing price on the pricing day, challenging the common practice of significant discounts for Chinese companies listing in Hong Kong [4] - The cornerstone investor lineup included top global institutions such as Sinopec (Hong Kong), Kuwait Investment Authority, Hillhouse Capital, and UBS, with a total commitment of USD 2.628 billion [4] - The offering saw record demand, with the Hong Kong public offering oversubscribed by over 151 times and the international offering oversubscribed by over 15 times, indicating a significant revaluation of Chinese new energy leaders by global capital [4] Strategic Development - The "A+H" model is becoming a crucial pathway for Chinese companies to enhance international competitiveness and participate in the restructuring of global supply chains [8] - Since 2015, the company has provided continuous professional support to CATL, witnessing its evolution from a domestic leader to a global powerhouse [8] - The project was completed in under six months, setting a record for the efficiency of overseas issuance filings for Chinese concept stocks [6]

以下文章来源于融中财经 ，作者千然 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 作者 | 千然 来源 | 融中财经 导语：1.34万亿，宁德时代此次赴港无疑是全球今年以来最大规模的IPO，一个万亿资本帝国 正清晰地展现在公众视野中。 2025年全球最大 IPO ，来了。 5 月 20 日，全球电池巨头宁德时代（ 03750.UK ）在香港主板正式挂牌，首日开盘高开 12.55% 报 296 港元 / 股，总市值 13400 亿港元。 与此同时，此次 IPO 由 BofA Securities 、 CICC 、 China Securities International 及 .P. Morgan 联 合保荐，预计募集资金净额约 307.18 亿港元。宁德时代已引入基石投资者，承诺认购约 26.28 亿美 元（约 203.71 亿港元）股份。毫无疑问，此次 IPO 乃是全球今年以来最大规模的 IPO 。 还记得 2018 年 6 月 11 日，带着 ...

Core Viewpoint - CATL officially listed on the Hong Kong Stock Exchange on May 20, with a first-day increase of over 16%, achieving a total market capitalization of 1.39 trillion, marking the largest IPO globally so far this year [2] Group 1: Company Developments - Approximately 90% of the net proceeds from CATL's Hong Kong IPO will be used to advance the construction of its second factory in Hungary [2] - CATL's first European factory took nearly five years from construction to production, with the first-quarter report of this year announcing profitability [7] Group 2: Industry Trends - Chinese power battery companies are accelerating their overseas expansion to meet the growing global demand for electric vehicles and to navigate trade barriers [2] - The European automotive industry is shifting towards electrification, creating a significant market opportunity for Chinese companies as local production capacity fails to meet demand [2][4] - The EU's stringent regulations, such as the new battery law, impose detailed requirements on carbon footprint and supply chain management, making local production essential for Chinese companies to mitigate trade risks [2] Group 3: Factory Locations and Plans - Major Chinese battery manufacturers are establishing factories in Europe, with Germany and Hungary being preferred locations due to their strong automotive manufacturing bases and lower labor costs [4] - Key developments include: - CATL: Factories in Germany and Hungary, with plans for production starting in 2025 [3] - BYD: Factory in Hungary, announced in 2023 [3] - Guoxuan High-Tech: Factories in Germany and Slovakia, with production expected by late 2024 [3] - Other companies like Honeycomb Energy and EVE Energy are also planning factories in various European locations [3][4]

Group 1 - CATL, the world's largest power battery supplier, is going public in Hong Kong, marking a new chapter in its international expansion narrative [2] - The company is focusing on establishing a strong presence in Europe, which is seen as a critical market for its growth strategy [3] Group 2 - Chinese electric vehicle manufacturers are making strides in Brazil, indicating a potential comfortable zone for them in the global market [4] - The recent surge in overseas orders and production capacity expansion by A-share companies highlights a trend towards international market development, particularly in energy infrastructure and high-end manufacturing [7] Group 3 - Alibaba International Station is launching a major promotional event to capitalize on a temporary reduction in tariffs for exports to the U.S., aiming to assist small and medium-sized foreign trade enterprises [8] - The logistics company Cainiao reported an 80% month-on-month increase in package volume to Brazil, reflecting growing cross-border e-commerce activity [8] Group 4 - Xingji Meizu Group has successfully increased its overseas sales proportion to over 20% within three months of launching its global strategy, with plans to reach 50% in the future [9] - The Saudi Public Investment Fund has opened an office in Paris to enhance its global expansion efforts, having invested $84.7 billion in Europe from 2017 to 2024 [9]

每经记者｜孙桐桐 每经实习编辑｜余婷婷 5月20日，宁德时代正式在香港联交所上市，开盘价296港元/股，较发行价涨12.55%，盘中最高涨超18%，晚间收盘报306.2港元/股，涨幅16.43%。宁德时代 最新总市值达1.38万亿港元，成为近年来港股规模最大的IPO之一，也有望成为今年全球最大的IPO。 宁德时代此次香港上市，创下近年上市速度纪录，从2月11日交表到上市，历时仅128天。 此后，随着智能手机全面兴起普及，ATL发展势头更盛，相继成为苹果、vivo、华为、三星手机的电池供应商，并成为全球最大的聚合物电池供应商。2011 年底，曾毓群将ATL的汽车动力部门剥离出来，并以此为基础成立宁德时代新能源科技有限公司（CATL），专注于电动汽车、储能锂离子电池系统的研发 生产。 在他的带领下，短短的10年间，宁德时代超过比亚迪、松下、三星等一系列巨头，成为全球动力电池的龙头老大。2021年5月31日，宁德时代A股总市值首 次突破一万亿元大关，成为创业板首家万亿市值公司。 招股书显示，宁德时代在动力电池方面，2024年全球市占率达37.9%，连续8年全球市占率第一；储能电池2024年的全球市占率则为36.5% ...