Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

Group 1: Energy Storage Index Performance - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high of 924 before retreating, ending the month at 1381.79, which represents a 4.87% increase [1] - In the first five months of 2025, the energy storage index rose by 6.94%, while the ChiNext index fell by 6.93% [1] - Compared to its inception in early 2021, the energy storage index has increased by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: CATL's H-Share Listing - CATL completed its H-share application in just three months and listed on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised will be allocated to the construction of a battery factory in Hungary, which is approximately 2% of Hungary's annual GDP [4] - The listing was notable for being the first "A then H" project priced with a "price ceiling only" method, with the ceiling set at a discount to the A-share closing price on the pricing day [4] Group 3: H-Share Premiums and Market Dynamics - As of the end of May, CATL's Hong Kong closing price was 303.4 HKD, reflecting an 11.16% premium over its A-share price of 250 RMB [4] - BYD's Hong Kong closing price was 392.8 HKD, with a 2.09% premium over its A-share price of 352.3 RMB [4] - Historically, H-shares have traded at a discount to A-shares due to factors such as market liquidity and investor structure, but this trend is changing as southbound capital flows into Hong Kong [5] Group 4: Surge in Hong Kong Listings by Energy Storage Companies - There has been a surge in energy storage companies listing in Hong Kong, with four lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy and Shuangdeng Co. are also initiating their H-share listing processes to enhance capital strength and global competitiveness [8][9] Group 5: Financial Performance of Listed Companies - EVE Energy plans to use funds from its H-share listing to support overseas factory construction and global capacity layout, with total investments nearing 17.4 billion RMB [8] - Shuangdeng Co. aims to use its fundraising for establishing lithium-ion battery production facilities in Southeast Asia and enhancing its R&D capabilities [8] - Haicheng Energy reported significant growth in overseas revenue, increasing from 33,000 RMB in 2022 to 3.7 billion RMB in 2024, with overseas business revenue share rising from 1% to 28.6% [9]

Core Viewpoint - The energy storage index experienced significant fluctuations in May, peaking above the 24-year high before retreating, ending the month at 1381.79, a 4.87% increase, while the ChiNext index rose by 2.32% [1] Group 1: Energy Storage Index Performance - The energy storage index increased by 6.94% in the first five months of 2025, contrasting with a 6.93% decline in the ChiNext index [1] - Since the inception of the index in early 2021, the energy storage index has risen by 38.18%, while the ChiNext index has decreased by 32.81% [1] Group 2: Major Players in Energy Storage - CATL completed its H-share application in just three months, listing on the Hong Kong Stock Exchange on May 20, raising 410 billion HKD (52.2 billion USD), marking the largest IPO in Hong Kong this year [4] - 90% of the funds raised by CATL will be used for the construction of a battery factory in Hungary, which represents about 2% of Hungary's annual GDP [4] - CATL's stock opened at 296.00 HKD, a 12.55% increase from the issue price, indicating a premium of 12.55% over its A-share price [4] Group 3: H-share vs A-share Pricing Dynamics - As of the end of May, CATL's closing price in Hong Kong was 303.4 HKD, equivalent to 277.79 RMB, while its A-share closed at 250 RMB, resulting in an 11.16% premium [4] - BYD's Hong Kong stock closed at 392.8 HKD, equivalent to 359.65 RMB, with an A-share closing at 352.3 RMB, leading to a 2.09% premium [4] - The average premium for A/H listed companies was 41% during the same period [4] Group 4: Trends in H-share Listings - There has been a surge in energy storage companies listing in Hong Kong, with four domestic lithium battery companies already listed before CATL, including BYD, Zhongxin Innovation, Ruipu Lanjun, and Zhengli New Energy [7] - Companies like EVE Energy, Shuangdeng Co., Nandu Power, and Haicheng Energy are also initiating their listing processes in Hong Kong [7] - EVE Energy plans to use the funds raised from its H-share listing to enhance its capital strength and global competitiveness [7] Group 5: Financial Performance of Listed Companies - Shuangdeng Co. reported revenue growth from 40.72 billion RMB in 2022 to an expected 45 billion RMB in 2024 [8] - Nandu Power has established a presence in 160 countries and regions, focusing on expanding its international business [9] - Haicheng Energy anticipates significant revenue growth from overseas operations, with overseas revenue projected to rise from 1% in 2023 to 28.6% in 2024 [9]