Comprehensive Analysis of CATL (03750.HK) 2025 Hong Kong Listing and Market Performance

CATL (03750.HK) listed on the Hong Kong Stock Exchange on May 20, 2025, at an issue price of HK$263, setting the record for the lowest discount for A-share companies listing in Hong Kong in the past decade [0][6]. Its stock price soared by 12.55% on the first day of listing [2], reaching a 52-week high of HK$614, and has recently fluctuated in the range of HK$460-HK$480 [0][5]. Financially, in the first half of 2025, its revenue was RMB 178.886 billion (YoY +7.27%), and net profit attributable to shareholders was RMB 30.485 billion (YoY +33.33%) [0][3]. In terms of market share, it holds a 38.1% global power battery market share, 42%-45% in China, and its European share has risen to 43% [0][7].

1. Strategic Listing Value
   : The Hong Kong listing provides capital support for global expansion, and the low discount rate reflects market confidence [6][9];
2. Duopoly Pattern
   : Forms a domestic power battery duopoly with BYD, while second and third-tier enterprises have weak competitiveness [0][7];
3. Impact of Policy Dividends
   : The energy storage policy in September 2025 drove a 10% surge in stock price, highlighting the key role of policies in valuation [4].

• Opportunities
  : Growth in the global new energy and energy storage markets, and the Hong Kong listing enhances international financing capabilities [1][8];
• Risks
  : Intensified industry competition, raw material price fluctuations, and international trade frictions may affect overseas expansion [7][9].

As a global leader in power batteries, CATL has performed excellently since its 2025 Hong Kong listing, with steady financial growth and continued leading market share. The company positions itself as an integrated zero-carbon technology solution provider, benefiting from the development of the new energy industry and policy support [0][6]. Attention should be paid to the impact of industry competition and policy changes on future performance.