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This year's largest Global IPO! Report: Contemporary Amperex Technology will be listed at the upper limit of the issue price at 263 Hong Kong dollars, with Institutions having oversubscribed by 30 times.
As of May 14, Contemporary Amperex Technology has received orders from Institutions exceeding 50 billion USD, equivalent to approximately 390.2 billion HKD. Excluding the cornerstone subscription part, it has already been oversubscribed by 30 times. It is estimated that the fundraising amount for Contemporary Amperex Technology's listing in Hong Kong is expected to expand to 41 billion HKD (5.26 billion USD), making it the largest IPO in Hong Kong since Kuaishou's listing in 2021.
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By comparing Apple, Tesla, and BYD, Morgan Stanley explained the logic behind Xiaomi's valuation potentially doubling within five years.
Morgan Stanley believes that, referencing the historical data of Tesla and BYD, as Xiaomi's electric vehicle sales explode over the next two years (with a CAGR of over 100%), the company's electric vehicle Business P/S is also expected to expand rapidly, reaching 2-3 times by 2026. Furthermore, with the model of "Smart Phone + AIoT + Internet services", Xiaomi is expected to replicate Apple's success, with Morgan Stanley predicting that this Business will reach a PE of 20-25 times by 2025.
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