摘要：Thesecondary offeringin Hong Kong raised at least $4.6bn, with the amount set to rise to $5.3bn if an option allowingunderwriterst
1.原文
中国电池龙头宁德时代（CATL）在 2025 年全球最大规模上市中首日股价飙升
香港二次发行需求强劲，融资额有望提升至 53 亿美元
Strong demand for secondary offering in Hong Kong expected to lift amount raised to $5.3bn
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Shares in leading Chinese battery maker CATL rose 12.6 per cent as trading began on Tuesday and retail investors followed up with strong demand for the biggest listing of the year to date globally.
The secondary offering in Hong Kong raised at least $4.6bn, with the amount set to rise to $5.3bn if an option allowing underwriters to sell more shares than planned is exercised. It is among the largest offerings in Hong Kong by Chinese companies already quoted on the mainland in recent years, with CATL also quoted in Shenzhen.
Founder Robin Zeng banged a gong to celebrate the start of trading at the Hong Kong stock exchange. He was joined by Hong Kong financial secretary Paul Chan and the deputy mayor of the coastal city of Ningde in south-eastern China, where the company has its headquarters.
CATL was not satisfied with being “just a battery component manufacturer”, Zeng said in a speech on Tuesday, adding that the company was poised to be the “pioneer” of the zero-carbon economy.
CATL is the world’s largest electric-vehicle battery group. A supplier to Tesla, BMW and Volkswagen, the cash-rich company had sought an offshore listing to raise non-renminbi funding for its overseas expansion, notably a $7.3bn factory in Hungary.
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1.1 翻译
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中国领先电池制造商宁德时代（CATL）的股价周二开盘时上涨 12.6%，散户投资者对这家今年全球迄今最大规模上市企业表现出强劲需求。
此次在香港的二次发行至少筹集了 46 亿美元资金，若允许承销商超额配售股票的期权被行使，融资额将增至 53 亿美元。这是近年来已在中国大陆上市的中国企业在香港进行的最大规模发行之一，宁德时代同时也在深圳上市。
创始人曾毓群敲响铜锣，庆祝公司在香港证券交易所开始交易。一同出席的还有香港财政司司长陈茂波和该公司总部所在地 —— 中国东南部沿海城市宁德市的副市长。
曾毓群在周二的演讲中表示，宁德时代不满足于 “只是一家电池组件制造商”，并补充说公司有望成为零碳经济的 “先驱”。
宁德时代是全球最大的电动汽车电池集团，为特斯拉、宝马和大众等企业提供电池。这家现金充裕的公司寻求境外上市，以筹集非人民币资金用于海外扩张，尤其是在匈牙利投资 73 亿美元建设的工厂。
1.2 重点详解
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secondary offering /ˈsekəndri ˈɔːfərɪŋ/释义：二次发行（股票），指上市公司通过增发新股等方式进行的再次融资，通常用于扩大业务、偿还债务或海外扩张。用法：金融领域术语，强调 “非首次” 的融资行为。例：The company plans a secondary offering to fund its R&D projects.（公司计划进行二次发行以资助研发项目。）underwriters /ˌʌndəˈraɪtəz/释义：承销商，指在证券发行中负责销售证券、承担发行风险的金融机构（如投资银行）。用法：复数形式，常出现在 IPO 或增发场景中。例：Underwriters are responsible for ensuring the shares are sold to investors.（承销商负责确保股票销售给投资者。）quoted /ˈkwəʊtɪd/释义：（证券）上市的，挂牌交易的。用法：形容词，常用于被动语态 “be quoted on + 交易所名称”。例：The stock is quoted on the London Stock Exchange.（该股票在伦敦证券交易所上市。）banged a gong /bænd ə ɡɒŋ/释义：敲锣（开盘或上市仪式的象征性动作）。用法：固定搭配，源自证券交易所传统仪式，象征交易开始。例：The CEO banged a gong to mark the company’s IPO.（首席执行官敲锣庆祝公司首次公开募股。）poised to be /pɔɪzd tu bi/释义：准备好成为，即将成为（强调处于临界点的状态）。用法：后接名词或形容词，表未来趋势。例：The startup is poised to be a leader in green technology.（这家初创公司有望成为绿色科技领域的领导者。）pioneer /ˌpaɪəˈnɪr/释义：先驱者，先锋（在某领域率先行动的人或组织）。用法：可数名词，常与介词 “of” 搭配。例：She is a pioneer in medical research.（她是医学研究领域的先驱。）cash-rich /ˈkæʃ rɪtʃ/释义：现金充裕的，资金雄厚的。用法：复合形容词，描述公司财务状况。例：A cash-rich company can easily acquire smaller rivals.（资金充裕的公司可轻松收购规模较小的竞争对手。）offshore listing /ˈɒfʃɔː ˈlɪstɪŋ/释义：境外上市（在注册地以外的证券交易所挂牌）。用法：金融术语，用于区分 “境内上市”。例：Many Chinese tech firms choose offshore listings in the US or Hong Kong.（许多中国科技公司选择在美或香港境外上市。）non-renminbi funding /nɒn ˌrenˈmɪn biː ˈfʌndɪŋ/释义：非人民币融资（以人民币以外的货币筹集资金）。用法：用于跨国企业规避汇率风险或满足海外业务资金需求。例：The company seeks non-renminbi funding to expand in Europe.（公司寻求非人民币融资以拓展欧洲业务。）notably /ˈnəʊtəbli/释义：尤其，显著地（用于强调重点例子）。用法：副词，修饰句子或名词。例：The city has improved its infrastructure, notably in public transportation.（该市改善了基础设施，尤其是公共交通领域。）2.原文
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The listing had the support of American banks, while a US asset management firm was a key investor, despite the geopolitical tensions swirling around the deal.
In January, the battery maker was added to a Pentagon blacklist of companies believed to have ties to the Chinese military, although it has denied any such links.
A Republican lawmaker in April urged JPMorgan Chase and Bank of America to halt work on the listing, in a warning sign of the politicisation of such capital markets deals. The US lenders remained as lead bankers on the transaction, along with state-backed China International Capital Corporation and China Securities.
Demand was boosted by global investors’ growing shift out of American assets, including the US dollar, according to analysts.
Market participants suggested the listing played a role in pushing up the Hong Kong dollar exchange rate earlier in May as investors in the offering bought Hong Kong dollars and speculators bet on it to rise, forcing the Hong Kong Monetary Authority to intervene and buy almost US$17bn to hold down the exchange rate.
2.1 翻译
●尽管围绕该交易的地缘政治紧张局势加剧，但此次上市获得了美国银行的支持，一家美国资产管理公司也是主要投资者。
今年 1 月，这家电池制造商被列入五角大楼的黑名单，美方认为其与中国军方有关联，尽管该公司已否认存在任何此类联系。
今年 4 月，一名共和党议员敦促摩根大通和美国银行停止参与此次上市工作，这一警告标志着此类资本市场交易已被政治化。美国银行与国有背景的中国国际金融股份有限公司和中信证券一道，继续担任此次交易的牵头行。
分析师表示，全球投资者日益转向抛售包括美元在内的美国资产，这推高了市场需求。
市场参与者指出，此次上市在 5 月初曾推动港元汇率上涨，因为参与认购的投资者买入港元，投机者也押注港元升值，迫使香港金融管理局介入，买入近 170 亿美元以压制汇率。
2.2 重点详解
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geopolitical tensions /ˌdʒiːoʊpəˈlɪtɪkəl ˈtenʃnz/释义：地缘政治紧张局势（指国家间因地理位置、政治利益等引发的冲突或对立）。用法：复数名词短语，常与 “escalate（加剧）”“swirl around（围绕… 蔓延）” 搭配。例：Geopolitical tensions have impacted global trade flows.（地缘政治紧张局势影响了全球贸易流动。）blacklist /ˈblæklɪst/释义：黑名单（官方或机构认定的禁止或限制对象名单）。用法：可数名词，常用搭配 “be added to/put on a blacklist”（被列入黑名单）。例：The company was blacklisted for violating environmental regulations.（该公司因违反环保法规被列入黑名单。）Republican lawmaker /rɪˈpʌblɪkən ˈlɔːmeɪkər/释义：共和党议员（美国共和党籍的立法机构成员）。用法：政治术语，“lawmaker” 等同于 “legislator”。例：Republican lawmakers proposed a new tax policy.（共和党议员提出了一项新税收政策。）politicisation /pəˌlɪtɪsaɪˈzeɪʃn/释义：政治化（将非政治问题转化为政治议题的过程）。用法：抽象名词，源自动词 “politicise”。例：The debate has led to the politicisation of scientific issues.（这场辩论导致科学问题被政治化。）lead bankers /liːd ˈbæŋkəz/释义：牵头行（在金融交易中起主导作用的银行，负责协调发行、定价等事宜）。用法：金融术语，常用复数形式。例：Top international banks served as lead bankers for the IPO.（顶级国际银行担任此次 IPO 的牵头行。）state-backed /steɪt bækd/释义：国有背景的，政府支持的（由国家或政府提供资金或政策支持）。用法：复合形容词，修饰企业或机构。例：State-backed enterprises play a key role in the economy.（国有背景企业在经济中扮演关键角色。）shift out of /ʃɪft aʊt ɒv/释义：撤出，转向（从某类资产或市场转移资金）。用法：动词短语，后接资产类别（如 stocks, currencies）。例：Investors are shifting out of bonds and into equities.（投资者正从债券转向股票。）speculators /ˈspekjuleɪtərz/释义：投机者（通过预测市场波动获取利润的投资者）。用法：复数名词，常与 “bet on”（押注）搭配。例：Speculators often take high risks in financial markets.（投机者常在金融市场承担高风险。）intervene /ˌɪntəˈviːn/释义：干预，介入（尤指政府或央行通过行动影响市场）。用法：动词，常见搭配 “intervene in sth” 或 “intervene to do sth”。例：The central bank intervened to stabilize the currency.（央行干预以稳定货币汇率。）hold down /hoʊld daʊn/释义：压制，抑制（防止某物上涨或保持低位）。用法：动词短语，后接价格、汇率等。例：The government used subsidies to hold down food prices.（政府用补贴压制食品价格。）3.原文
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“We are in this kind of unique scenario, where you have a well-known company issuing new shares, also at a time when you have a macro factor where investors want to diversify away from the US dollar-related assets,” said Jason Lui, head of Asia-Pacific equity and derivative strategy at BNP Paribas.
Analysts and deal participants said they believed heightened demand enabled CATL to price at the top end of HK$263 a share — only a roughly 7 per cent discount to the price at the close on Monday in Shenzhen. Chinese “A-shares” on mainland exchanges typically trade at a double-digit percentage premium to their “H-share” equivalents in Hong Kong, and initial public offerings are usually priced at a discount to entice buyers.
Wang Shuguang, a management committee member at Chinese brokerage CICC, said CATL’s successful debut would encourage more leading Chinese companies across various sectors to pursue listings in Hong Kong.
3.1 翻译
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法国巴黎银行亚太区股票及衍生品策略主管 Jason Lui 表示：“我们正处于这样一种独特的情形中 —— 一家知名公司正在发行新股，同时宏观因素促使投资者希望分散投资，避开与美元相关的资产。”
分析师和交易参与者表示，他们认为需求上升使宁德时代能够将发行价定在每股 263 港元的上限 —— 这仅比其周一在深圳的收盘价折让约 7%。中国内地交易所的 “A 股” 通常较其在香港的 “H 股” 存在两位数的溢价，而首次公开募股（IPO）的定价通常会有折让以吸引买家。
中国国际金融公司（CICC）管理委员会成员王曙光表示，宁德时代的成功上市将鼓励更多中国各行业龙头企业赴香港上市。
3.2 重点详解
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scenario /səˈnærioʊ/释义：情形，局面（指特定情况下的一系列事件或状态）。用法：可数名词，常与 “unique（独特的）”“complex（复杂的）” 等形容词搭配。例：We need to prepare for different scenarios.（我们需要为不同的情形做好准备。）diversify away from /daɪˈvɜːrsɪfaɪ əˈweɪ frəm/释义：分散投资以远离（将资金从某类资产转向其他类别，降低风险）。用法：动词短语，后接具体资产类别（如 “US dollar-related assets” 美元相关资产）。例：Investors are diversifying away from traditional stocks.（投资者正从传统股票分散投资。）heightened demand /ˈhaɪtnd dɪˈmænd/释义：需求上升（因市场因素或事件导致需求增强）。用法：名词短语，“heightened” 为过去分词作定语，强调需求的 “加剧”。例：Heightened demand for electric vehicles has boosted battery prices.（电动汽车需求上升推动了电池价格上涨。）at the top end of /æt ðə tɒp end ɒv/释义：在… 的上限（指价格、范围等的最高水平）。用法：介词短语，用于描述定价策略或区间。例：The product is priced at the top end of the market.（该产品定价处于市场高端区间。）premium /ˈpriːmiəm/释义：溢价（某资产价格高于同类资产的部分）。用法：可数名词，常见搭配 “trade at a premium（以溢价交易）”。例：The stock trades at a 20% premium to its peers.（该股票较同行溢价 20% 交易。）4.原文
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“The A-share market provides robust liquidity and higher valuations, while Hong Kong’s market enables flexible financing,” Wang said. “By leveraging both, companies can access diverse financing options and boost the financial agility of their global operations.”
Chinese oil company Sinopec, the Kuwait Investment Authority sovereign wealth fund and Asian fund Hillhouse Investment invested before the shares went public as so-called cornerstone investors. They were joined by US-owned Oaktree Capital Management and Lingotto, an investment vehicle backed by the Italian industrialist Agnelli family, as well as units of two Chinese state-owned groups, Postal Savings Bank of China and insurer Taikang Life.
One person familiar with the deal told the Financial Times that other US investors chose to wait to invest until after the listing in order to reduce scrutiny from Washington.
Meanwhile, many onshore American investors will not have access to the shares, given the listing was filed under a “Reg S” rather than “144A” regulation under US securities law. This exempts CATL from some disclosure obligations and means US investors without offshore accounts are barred from investing.
4.1 翻译
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王曙光表示："A 股市场提供了强劲的流动性和更高的估值，而香港市场则支持灵活的融资。通过利用两者，企业可以获得多样化的融资选择，并提升其全球业务的财务灵活性。"
中国石油公司中石化、科威特投资局主权财富基金和亚洲基金高瓴投资在股票上市前作为所谓的基石投资者进行了投资。此外，美国橡树资本管理公司、意大利工业家阿涅利家族支持的投资工具 Lingotto，以及中国邮政储蓄银行和泰康人寿两家中国国有集团的子公司也参与了投资。
一位知情人士告诉《金融时报》，其他美国投资者选择等到上市后再投资，以减少来自华盛顿的审查。
与此同时，许多在岸美国投资者将无法购买这些股票，因为此次上市是根据美国证券法下的 "Reg S" 而非 "144A" 规则提交的。这使宁德时代免于某些披露义务，意味着没有离岸账户的美国投资者被禁止投资。
4.2 重点详解
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robust liquidity /rəʊˈbʌst lɪˈkwɪdɪti/释义：强劲的流动性（市场或资产能够轻松买卖且价格波动小的状态）。用法：金融术语，"robust" 强调流动性的充裕和稳定性。例：The stock market offers robust liquidity for large-cap stocks.（股市为大盘股提供了强劲的流动性。）leverage /ˈlevərɪdʒ/释义：利用（通过现有资源或工具实现更大效益）。用法：动词，后接优势、渠道等名词。例：Companies leverage technology to improve efficiency.（企业利用技术提高效率。）financial agility /faɪˈnænʃl əˈdʒɪləti/释义：财务灵活性（企业应对财务需求或变化的适应能力）。用法：名词短语，"agility" 强调快速调整的能力。例：Strong cash flow enhances a company’s financial agility.（强劲的现金流增强企业的财务灵活性。）cornerstone investors /ˈkɔːnəstoʊn ɪnˈvestəz/释义：基石投资者（在 IPO 前承诺认购一定份额的机构投资者，起市场稳定作用）。用法：复数名词，常见于大型上市项目。例：Cornerstone investors typically lock in their shares for a certain period.（基石投资者通常会锁定股份一段时间。）sovereign wealth fund /ˈsɒvrɪn welθ fʌnd/释义：主权财富基金（由政府持有的投资基金，用于国家财政储备管理）。用法：复合名词，如挪威政府养老基金、中国投资有限责任公司等。例：Sovereign wealth funds often make long-term strategic investments.（主权财富基金常进行长期战略投资。）investment vehicle /ɪnˈvestmənt ˈviːɪkl/释义：投资工具（用于投资的实体或渠道，如基金、信托等）。用法：金融术语，"vehicle" 在此指载体。例：Private equity is a common investment vehicle for high-net-worth individuals.（私募股权是高净值人群常用的投资工具。）state-owned /steɪt oʊnd/释义：国有的（所有权属于国家或政府的）。用法：复合形容词，修饰企业或机构。例：State-owned enterprises play a vital role in the energy sector.（国有企业在能源领域发挥重要作用。）scrutiny /ˈskruːtəni/释义：审查， scrutiny（仔细的监督或检查，尤指来自政府或公众的）。用法：不可数名词，常与 "face/avoid scrutiny" 搭配。例：The company faced intense scrutiny over its data privacy practices.（该公司因数据隐私问题面临严格审查。）onshore /ˈɒnʃɔːr/释义：在岸的（指本国境内的金融活动或投资者）。用法：形容词，与 "offshore（离岸）" 相对。例：Onshore investors prefer domestic stocks for familiarity.（在岸投资者因熟悉度更青睐本国股票。）Reg S /ˌredʒɪsˈtreɪʃən es/释义：美国证券法下的 S 规则（允许境外发行证券时豁免部分注册要求）。用法：专有名词，全称为 "Regulation S"，用于跨境发行场景。例：Many foreign companies use Reg S to avoid full SEC registration.（许多外国公司利用 S 规则规避 SEC 全面注册。）来源：英语杂货铺