Core Viewpoint - CATL's Hong Kong IPO has generated significant interest, with a subscription amount nearing 141.8 billion HKD and a subscription multiple of approximately 61 times, indicating a strong market demand for the offering [1][2]. Group 1: IPO Details - CATL's IPO is set to close on May 15, 2025, with the listing expected on May 20, 2025, following a successful launch on May 12, 2025 [4]. - The company plans to issue approximately 118 million H-shares, with 7.5% allocated for Hong Kong and 92.5% for international sales [4]. - The expected net proceeds from the IPO are around 30.718 billion HKD, with 90% earmarked for the construction of projects in Hungary and 10% for working capital and general corporate purposes [5]. Group 2: Market Context - The Hong Kong IPO market has shown signs of recovery in 2025, with 20 companies listed by May 13, 2025, and improved first-day performance compared to the previous year [1]. - The interest in CATL's IPO is notably higher than that of Midea Group's IPO last year, which had a subscription multiple of only 3.25 times [4]. Group 3: Financial Performance - In Q1 2025, CATL reported revenue of 84.7 billion RMB, a year-on-year increase of 6.2%, with battery sales exceeding 120 GWh, marking a growth of over 30% [7]. - The company's net profit for Q1 2025 reached 13.96 billion RMB, reflecting a year-on-year growth of 32.9% [7]. Group 4: Strategic Positioning - CATL is recognized as a leading provider of power battery systems, focusing on R&D, production, and sales for electric vehicles and energy storage systems [7]. - The company has established a strong global presence with six R&D centers and thirteen manufacturing bases, serving 64 countries and regions [5].

Core Viewpoint - CATL is launching its Hong Kong IPO with significant investor interest, indicating a strong market recovery for Hong Kong IPOs in 2025 [1][2][6] Group 1: IPO Details - As of May 14, the total margin subscription for CATL's IPO reached approximately 141.8 billion HKD, with a subscription multiple nearing 61 times [3] - The IPO price is set at 263 HKD per share, with expected net proceeds of around 30.718 billion HKD, primarily allocated for projects in Hungary [4][5] - The offering includes about 11.8 million H-shares, with 7.5% allocated for Hong Kong and 92.5% for international investors [3] Group 2: Market Context - The Hong Kong IPO market has shown significant recovery in 2025, with 20 companies listed by May 13, outperforming the previous year in terms of first-day profit effects [2][6] - Regulatory improvements and the return of international capital are expected to further enhance the Hong Kong market [2][6] Group 3: Company Performance - CATL reported a revenue of 84.7 billion RMB in Q1 2025, a 6.2% year-on-year increase, with battery sales exceeding 120 GWh, marking over 30% growth [7] - The company achieved a net profit margin of 17.5% in Q1 2025, the highest quarterly level since 2018, with a net profit of 13.96 billion RMB, up 32.9% year-on-year [7] - CATL's market share in the European battery market has grown from 17% in 2021 to 38% in 2024, maintaining a leading position [8]