GreenergyDaily

Feb. 24, 2025

1. Hong Kong's IPO market kicked off on a higher note in 2025, driven by a significant influx of companies and investors from mainland China.

2. On February 11, China's battery giant CATL submitted its application to the Hong Kong Stock Exchange. Analysts said it could be a blockbuster listing with the potential to revive Hong Kong’s status as a top IPO destination in Asia.

3. CATL said in its prospectus submitted that the funds raised by its Hong Kong stock listing will be mainly used for overseas capacity expansion, international business expansion and overseas working capital replenishment, providing financial support for the company's long-term internationalization strategy.

4. According to incomplete statistics, since 2025, 21 A-share listed companies have promoted their listing in Hong Kong, including CATL, Haitian Flavor Industry, Hengrui Pharmaceutical and so on.

5. Sany Heavy Industry and JA Solar announced on February 18 and 21 respectively that they planned to issue shares (H shares) overseas and list them on the Hong Kong Stock Exchange. The "A+H" listing model has emerged as a major trend in Hong Kong's IPO market in 2025.

6. “The Hong Kong market will bounce back this year......and a big component of that will be A to H listings,” said Kenneth Chow, managing director at Citi in Hong Kong. He added that Chinese secondary listings could account for as much as “two-thirds” of the total estimated $20bn of listings in Hong Kong in 2025.