Contemporary Amperex Technology Co., Limited (CATL) (03750.HK), the global leading enterprise in power batteries, officially listed on the Hong Kong Stock Exchange today. As of the time of writing, its share price had risen by 13.54% from its issue price, trading at HKD 298.60. Note: Performance of CATL's H shares According to an announcement yesterday, CATL announced the results of the global offering and allocation of its H shares. The overallotment option had been fully exercised, with a total of 136 million H shares issued. The final offering price was HKD 263 per share, raising a total of approximately HKD 35.657 billion in gross proceeds and approximately HKD 35.331 billion in net proceeds. The Hong Kong public offering was oversubscribed by more than 0.15 times, with a total of 310,800 valid applications received. The international offering was oversubscribed by 15.17 times, with 428 placees. It is worth noting that this Hong Kong IPO has attracted cornerstone investors, including energy giants, sovereign wealth funds, and top market-oriented institutions, with subscriptions of up to HKD 20.371 billion, accounting for over 40% of the total funds raised. According to the prospectus, investors participating in this cornerstone subscription include Sinopec, the Kuwait Investment Authority, Hillhouse Capital, Gaoyi Asset Management, Ningxia Ruiyin Lead Resource Recycling Co., Ltd., Oaktree Capital Management, Mirae Asset Global Investments, Royal Bank of Canada, CPIC, Taikang, Boyu Capital, and Greenwoods Asset Management. Among them, Sinopec, the Kuwait Investment Authority, and Hillhouse Capital subscribed for $500 million, $500 million, and $200 million, respectively. CATL's net profit increased by 15% YoY last year As the leading enterprise with the highest market share in global power batteries for six consecutive years, CATL achieved operating revenue of RMB 362 billion in 2024, a year-on-year decrease of 9.7%. Net profit attributable to the parent company reached RMB 50.7 billion, a year-on-year increase of 15%. In terms of the power battery system, which has attracted significant market attention, CATL's total sales of lithium-ion batteries reached 475 GWh. Among them, the power battery system contributed 381 GWh, up 18.85% YoY. Sales of the ESS battery system reached 93 GWh, up 34.32% YoY. Use of IPO proceeds CATL, which has already completed its listing on the A-share market, is listing on the Hong Kong Stock Exchange in connection with its global capacity layout. The net proceeds from this IPO amount to approximately HKD 35.331 billion (calculated based on the issue price of HKD 263), with the funds primarily focused on the global capacity layout. Among them, 90% of the funds (HKD 27.646 billion) will be used for the construction of the base in Debrecen, Hungary. This gigafactory is planned to have a total capacity of 72 GWh and will be constructed in two phases. Phase I has already invested EUR 700 million and is expected to support European automakers such as BMW and Mercedes-Benz upon reaching full production, covering the major European markets within its service radius. The remaining 10% of the funds will be used as working capital to support daily operations. It is noteworthy that the Hungary project is CATL's first overseas production site, marking a new stage in the company's globalization strategy. With the implementation of the European carbon tariff policy and the continuous increase in the penetration rate of EVs, this base will effectively circumvent trade barriers and enhance the service response speed to European customers.

As US equity institutional investors' Q1 holdings data (13F) reports are gradually disclosed, the overseas investment moves of Chinese private equity firms such as Hillhouse Capital, Gaoyi Asset Management, and Greenwoods Asset Management have come to light. Overall, in Q1 this year, Hillhouse Capital, Gaoyi Asset Management, and Greenwoods Asset Management all increased their investments in US-listed Chinese companies, indicating an optimistic attitude among these Chinese private equity giants towards the prospects of Chinese assets amid the market trend of "China rising while the West declines" at the beginning of this year. Hillhouse HHLR Advisors: US-listed Chinese Companies Dominate Holdings Overall, in Q1, the total market value of HHLR Advisors' holdings increased from $2.887 billion at the end of last quarter to $3.539 billion, a nearly 23% increase, while continuing to increase its allocation to Chinese assets. According to the disclosed 13F filing, HHLR Advisors newly entered or increased its stakes in nearly 20 US-listed Chinese companies in Q1, including 10 companies newly purchased such as Atour Lifestyle Holdings, Huazhu Group, Baidu, Yuchai International, Li Auto, BOSS Zhipin, ECARX Technology, as well as 8 companies with increased stakes such as Futu Holdings, Pinduoduo, NetEase, KE Holdings, JD.com, Trip.com Group, and ZTO Express. In Q1 this year, the trend of HHLR Advisors continuing to heavily invest in US-listed Chinese companies was evident. Among HHLR Advisors' top 10 largest holdings in Q1, US-listed Chinese companies accounted for nine positions, namely Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, KE Holdings, Legend Biotech, JD.com, Vipshop, and WNS HLDGS LTD. Meanwhile, HHLR Advisors reduced its stakes in companies such as Alibaba and BeiGene in Q1. In terms of stock price performance, Alibaba's stock price rose by 56% in Q1, while BeiGene's also increased by 47%. Hillhouse Capital's investment in BeiGene dates back to 2014, spanning over 10 years. The reduction in Q1 may be due to the fund's maturity and exit to timely lock in gains. Gaoyi Asset Management: Substantially Increased Holdings in US-listed Chinese Companies In Q1 this year, the total market value of Gaoyi Asset Management's holdings increased from $740 million at the end of last quarter to $770 million, while continuing to increase its allocation to Chinese assets. According to the disclosed 13F filing, Gaoyi Asset Management newly entered or increased its stakes in 6 US-listed Chinese companies in Q1, namely Huazhu Group, BOSS Zhipin, Trip.com Group, Taiwan Semiconductor Manufacturing Company, iQIYI, and New Oriental Education & Technology Group. Among them, Gaoyi Asset Management substantially increased its stake in 1.31 million shares of Huazhu Group, making it the largest holding. Gaoyi Asset Management also substantially increased its stake in 1.59 million shares of BOSS Zhipin, with an increase of 173.58%, propelling it to the fifth-largest holding. In terms of reductions, Gaoyi Asset Management substantially reduced its stake in META by 80% in Q1, also reduced its stake in Google by half, and liquidated its position in Atour Lifestyle Holdings. Additionally, Gaoyi reduced its holdings in Pinduoduo by 132,000 shares, Beike by 648,000 shares, and Yum China by 434,000 shares. However, even after these reductions, these three stocks remained its primary holdings, second only to Huazhu. Greenwoods: Clearly Optimistic About the Prospects of Chinese Assets In Q1 this year, Chinese concept stocks were also a key focus for Greenwoods. According to the 13F report, among Greenwoods' increased holdings, Futu, Beike, and Alibaba ranked as the top three, with Greenwoods increasing its holdings in Futu by 618,000 shares, a 48.23% increase, elevating it to the sixth-largest holding. However, Greenwoods also reduced its holdings in NetEase by 57,700 shares. Overall, in Q1, Greenwoods' total portfolio value increased from $3.17 billion at the end of the previous quarter to $3.23 billion, with 14 stocks being increased or newly acquired, and 21 stocks being reduced or cleared. The concentration of the top ten holdings reached 86.24%. At the end of Q1, Greenwoods' top five holdings were Meta, Pinduoduo, NetEase, Manbang, and TSMC. Among its top ten holdings, eight were Chinese concept stocks. Notably, in March this year, Gao Yuncheng, a partner and fund manager at Greenwoods Asset Management, was interviewed by reporters. He stated at the time that he was clearly optimistic about China's development prospects in the coming years. In his view, with changes in global geopolitics and industrial structure, the competitive strength of Chinese companies is undergoing a transformation from being significantly undervalued, to gradually being re-recognized, and then to potentially attracting global capital reinvestment. Himalaya Capital: Synchronized with Buffett in Reducing Holdings of Bank of America Li Lu's Himalaya Capital also released its 13F report. According to the report, in Q1 this year, Li Lu, known as the "Chinese Buffett," synchronized his investment operations with Buffett himself: Li Lu chose to significantly reduce his holdings in Bank of America by 4.23 million shares, a reduction of 23.42%. In the latest Berkshire 13F report, Bank of America was also the only stock among Berkshire's top ten holdings to be reduced. This suggests that both Li Lu and Buffett may hold a more cautious view on Bank of America stocks. In addition to Bank of America, Li Lu also reduced his holdings in Google by 592,000 shares and Apple by 207,000 shares, with reductions of 19.47% and 65.19%, respectively. Apart from reducing holdings in these three stocks, Li Lu made no further portfolio adjustments in Q1. By the end of Q1, the market value of Li Lu's open interest had decreased from US$2.71 billion in the previous quarter to US$2.21 billion. His top three holdings were Bank of America, Berkshire Hathaway, and Google, respectively.

On Thursday (May 15), the three major US stock indices had mixed performances, with the Dow and S&P 500 closing higher. The S&P 500 extended its gains for a fourth consecutive day, while the Nasdaq ended its six-day winning streak. At the close, the Dow Jones Industrial Average rose 0.65% to 42,322.75; the S&P 500 gained 0.41% to 5,916.93, its highest closing price since March 3; and the Nasdaq Composite Index fell 0.18% to 19,112.32. Among the Dow components, there were 23 advancers and 7 decliners. Recently strong performers such as Amazon, Apple, and Nvidia pulled back, while healthcare and consumer stocks strengthened. Amgen rose 3.59%, Coca-Cola gained 3.54%, and Cisco, which reported positive earnings, surged 4.85%. Analysts noted that the S&P 500 has continued its upward trend since key consensus was reached in high-level China-US economic and trade talks. Meanwhile, the yield on the 10-year US Treasury note fell approximately 10 basis points during the day, providing a tailwind for the stock market. Recent economic data has fueled market speculation that the US Fed will implement two cumulative interest rate cuts this year to prevent a US economic recession. Tuesday's CPI and core CPI figures recorded their lowest YoY increases in four years, and the pre-market PPI also fell short of market expectations. Earlier in the day, Trump stated in Doha, the capital of Qatar, that Iran had agreed to some conditions, and he would urge Iran to reach an agreement without obtaining nuclear weapons. This news sent oil prices plummeting and is expected to help reduce US inflation. Joe Cusick, Senior Vice President and Portfolio Specialist at Calamos Investments, commented, "As recession fears begin to fade, the stock market is showing potential strength, and market sentiment has shifted to cautious optimism, or perhaps moderate optimism." However, Cusick also pointed out, "A series of macro and micro risks still form a 'wall of worry' that investors must navigate. The next phase of the market's direction will depend on whether the current rally can expand and persist into the summer or shift toward consolidation or a pullback." Lamar Villere, Portfolio Manager at Villere & Co., said, "I don't want to sound overly excited, but we can indeed focus on company fundamentals this summer. If you had told me a month ago that stock prices would rise, I would have called you a liar." Performance of Popular Stocks Large-cap tech stocks generally pulled back. (Ranked by market capitalization) Microsoft rose 0.23%, Nvidia fell 0.38%, Apple dropped 0.41%, Amazon declined 2.42%, Alphabet Class C fell 0.85%, Meta dropped 2.35%, Tesla fell 1.4%, and Broadcom gained 0.22%. Among Chinese ADRs, the Nasdaq Golden Dragon China Index fell 2.37%. Most popular Chinese ADRs closed lower, with Alibaba down 7.57%, JD.com down 3.86%, Tencent Music down 3.71%, Baidu down 3.58%, NIO down 3.39%, New Oriental down 2.61%, XPeng Motors down 1.39%, Pinduoduo down 0.88%, Li Auto down 0.59%, and TAL Education down 0.2%. NetEase rose 14.61%, with its closing price approaching the previous high; Miniso Group rose 4.27%, and CHAGEE rose 3.7%. Company News [Meta reportedly delays launch of flagship AI model "Behemoth"] Sources familiar with the matter said Meta Platforms will delay the launch of its flagship AI model, sparking internal concerns about the direction of its tens of billions of dollars in AI investments. According to sources, engineers are struggling to enhance the performance of the large language model named "Behemoth," with employees questioning whether the improvements are sufficient to support a public launch. The model was originally scheduled to debut at Meta's first AI Developer Conference in April, but was postponed to June and is now delayed again until autumn or later. [Verizon to invest $5 billion in US small business suppliers] US telecommunications operator Verizon has launched the "Small Business Supplier Accelerator." Over the next five years, the company will invest $5 billion in US small business suppliers. [Qualcomm unveils fourth-generation Snapdragon 7 Mobile Platform] Qualcomm has unveiled the fourth-generation Snapdragon 7 Mobile Platform, which achieves comprehensive performance upgrades, including a 27% improvement in CPU performance, a 30% increase in GPU graphics rendering speed, and a 65% boost in AI performance compared to the previous generation platform. [Coinbase says customer data stolen, rejects $20 million hacker ransom] US cryptocurrency exchange Coinbase said on Thursday that hackers had stolen customer data and demanded $20 million to prevent public disclosure. Coinbase said the hackers' demand was made on Monday. In a statement, the company said the hackers aimed to compile a list of contactable customers while posing as Coinbase to deceive them into surrendering cryptocurrency. Coinbase rejected the hackers' $20 million ransom demand. The company also said it would compensate customers who were tricked into sending money to the attackers, with compensation amounts potentially ranging from 180 million to 400 million yuan. [Buffett significantly sells bank stocks in Q1, maintains Apple position unchanged] Berkshire Hathaway, led by Warren Buffett, released its first-quarter (13F) holdings report as of March 31 this year, showing that it had liquidated its positions in Citigroup (14.63 million shares) and financial company Nu Holdings, reduced its stake in Bank of America (48.66 million shares), and maintained its position in Apple (300 million shares) unchanged. In terms of increases, it bought 6.38 million shares of Constellation Brands, a liquor company, representing a significant 113.5% increase, added 760,000 shares of Occidental Petroleum, and increased its stake in Pool Corp, a pool supplies company, by 860,000 shares. It is worth mentioning that Berkshire Hathaway did not establish any new stock positions in Q1. [Soros' Son's Hedge Fund Re-enters Chinese Assets, Three Chinese Targets Rank Among Top Ten Holdings] The 13F report of Soros Capital Management LLC shows that the hedge fund founded by Robert Soros, the son of George Soros, repositioned its Chinese assets in the first quarter. The newly established positions include Alibaba, Yum China, and the iShares China Large-Cap ETF (FXI). The positions in FXI, Yum China, and Alibaba ranked 5th, 7th, and 8th, respectively. [HHLR, Under Hillhouse Capital, Increases Chinese Asset Holdings in Q1, Adds and Raises Stakes in Multiple China Concept Stocks] HHLR Advisors, an independent fund management platform under Hillhouse Capital focused on secondary market investments, disclosed its U.S. stock holding data as of the end of Q1 2025. The 13F filing shows that HHLR's total market value of holdings increased from $2.887 billion at the end of the previous quarter to $3.539 billion in Q1, an increase of nearly 23%. The data indicates that HHLR continued to increase its allocation to Chinese assets in Q1, adding and raising stakes in nearly 20 China concept stocks, including 10 companies newly purchased such as Atour Lifestyle Holdings, Huazhu Group, Baidu, Yuchai International, Li Auto, BOSS Zhipin, and ECARX, as well as 8 companies with increased stakes such as Futu Holdings, Pinduoduo, NetEase, KE Holdings, JD.com, Trip.com Group, and ZTO Express. As of the end of Q1 2025, HHLR's top ten largest holdings were: Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, KE Holdings, Legend Biotech, JD.com, Vipshop, and WNS HLDGS LTD, with China concept stocks accounting for nine positions. HHLR reduced its stakes in companies such as Alibaba and BeiGene in Q1.

This week, CATL, a leading domestic lithium battery company, launched its Hong Kong IPO, heating up the lithium battery sector. According to the latest announcement, the public offering portion of CATL's Hong Kong IPO was oversubscribed 21 times, with the financing subscription amount reaching HKD 51.7 billion. In this IPO, CATL also received support from numerous cornerstone investors, including Sinopec, the Kuwait Investment Authority, Hillhouse Capital, and Gaoyi Asset Management, forming a luxurious lineup. According to the agreement, the cornerstone investors have agreed to subscribe, or cause their designated entities to subscribe, for the number of shares available for purchase at the offering price, subject to certain conditions, with a total amount of approximately USD 2.628 billion (or approximately HKD 20.371 billion). The market expects that CATL's issuance of H shares this time is also expected to become the largest IPO project in the Hong Kong stock market in terms of market size in 2025. Driven by the popularity of CATL's Hong Kong IPO, the lithium battery sector in the Hong Kong stock market has also shown signs of heating up recently. Some individual stocks have outperformed the Hang Seng Index in terms of gains over the past five days, indicating signs of attention from short-term capital. Considering that after Mixue Ice Cream & Tea's successful listing and subsequent bullish performance, the tea beverage concept in the Hong Kong stock market collectively surged. Therefore, based on the recent trends in the lithium battery sector, it is not ruled out that there may be speculative activities riding on the momentum of CATL's H-share listing. It is reported that CATL's H shares will officially list on the Hong Kong Stock Exchange on May 20. It is worth mentioning that the current improvement in the prosperity of the domestic lithium battery industry may also catalyze the future market performance of lithium battery stocks. In addition, following the joint statement issued by China and the US on the Geneva Economic and Trade Talks on May 12, some analysts have suggested that the expected easing of China-US tariffs may bring a turning point for the lithium battery industry's exports to the US. Data shows that the US is China's largest export market for lithium-ion batteries, with an export value of approximately USD 15.3 billion in 2024, accounting for 25% of the total export value. Huatai Securities believes that in the long term, with the continuous launch of new car models and technologies in China, as well as the promising prospects of the energy storage market in Europe, Asia, Africa, and Latin America, it is optimistic about the continuous improvement in the supply-demand balance of the lithium battery industry chain. It recommends paying attention to leading companies in batteries, structural components, and anodes with a favorable market structure, as well as leading companies in lithium iron phosphate cathodes benefiting from high-pressure density upgrades. Overall, based on the logic of improving marginal demand from downstream sectors and the industry chain prices being at the bottom region, the rebound in lithium battery stocks is also worth anticipating.

On March 10, FAW Group and China Telecom signed an agreement in Beijing to strengthen their strategic collaboration.

Horizon Continental Technology, a joint venture between Horizon Robotics and Continental AG, recently completed an angel funding round worth several hundred million yuan.

Recently, the factory buildings for the Hillhouse Triumph Transmission and Front and Rear Drive Transmission Housing Project, invested and constructed by Guangdong Hillhouse Triumph Technology Co., Ltd., have officially passed inspection, achieving seamless integration of inspection and production commencement. This marks the official entry of the project into the production phase. The Hillhouse Triumph Project is a comprehensive initiative integrating R&D, production, sales, and services. It focuses on the R&D and production of aluminum alloy transmission castings for fuel vehicles, renewable energy storage enclosures, aluminum alloy components for NEV three electric systems (power battery, drive motor, and electronic control system), as well as various aluminum castings for electronic communication filters. The total investment in the project amounts to 503 million yuan, covering an area of approximately 49 mu, with an annual capacity planned to include 200,000 sets of transmissions and 1 million sets of aluminum cast front and rear drive transmission housings.

On September 20, Chinese autonomous driving solution provider Hyperview (as known as Hongjing Drive) announced the completion of its C1 round of financing, raising hundreds of millions of yuan, accord...

LME copper opened at $9,098/mt overnight. After a slight rise in early trading, it fell to an intraday low of $9,044/mt, and then climbed all the way up, peaking at $9,145/mt before closing at $9,138/mt, a 1.32% increase.

SMM, Sep 12: US August CPI year-on-year rate fell for the fifth consecutive month, and the core CPI year-on-year rate remained the same as the previous value.