On November 12, the Shanghai Stock Exchange International Investors Conference was held in Shanghai under the theme "Value Leadership, Open Empowerment—New Opportunities for International Capital Investment and M&A." The conference aimed to build a platform for foreign institutional investors to engage with regulators, exchanges, listed companies, and financial institutions, promoting deeper integration between international capital and China's capital markets.
During the "Focus on Value Investing: Long-Term Capital in China's Capital Market" roundtable discussion, Zhang Yiming, Managing Director and Executive Head of Global Equity Business Management Committee at CICC, highlighted that in May this year, CICC, as the sponsor, assisted CATL in completing its Hong Kong IPO, raising $5.3 billion. This project achieved a secondary listing for an A-share company in Hong Kong with a "zero-discount" issuance, demonstrating strong international investor confidence in China's high-quality technology and productivity assets.
Zhang emphasized that the international issuance of premium projects allows global capital to share in the growth dividends of China's new energy sector while fostering a virtuous cycle of "technology-industry-finance." He stressed that patient capital is a critical foundation for driving technological innovation. Only sustained long-term investment can reduce short-term speculation, stabilize market expectations, and provide continuous momentum for the development of new productive forces.
Zhang outlined three key insights: First, leveraging the integrated advantages of investment, investment banking, and research to support early-stage and small tech firms. Second, breaking down barriers between financial sub-sectors to explore intellectual property securitization and innovative financing tools. Third, improving exit mechanisms for long-term capital to ensure sustainable investment cycles.
Regarding global markets, Zhang noted that the tech sector has exhibited "synchronized fluctuations and alternating peaks" this year. AI breakthroughs are reshaping global industrial structures, driving record capital expenditures among tech giants. U.S. and European tech stocks led gains in Q1, followed by stronger-than-expected U.S. tech earnings in Q2, while A-share tech stocks outperformed in Q3, and Hong Kong's market saw increased activity post-September. He believes AI-driven innovation will continue to energize capital markets, with the global tech industry's growth logic remaining resilient.
Additionally, Zhang advocated for a dual strategy of "bringing in and going global," leveraging capital markets to help Chinese enterprises attract international long-term capital and expand globally. This approach aims to introduce more patient capital into China's markets amid complex international conditions, enhancing openness and resilience.
Zhang reaffirmed CICC's commitment to deepening the synergy between "bringing in" and "going global," using capital markets to propel more high-quality Chinese companies onto the global stage and provide sustained financial support for technological innovation and new productive forces.