Latest data from the Hong Kong Stock Exchange shows that on November 24, a shareholder of CATL (03750) transferred shares worth HK$3.764 billion from CICC Hong Kong Securities to HSBC, accounting for 5.19% of the total holdings.

Recently, CLSA released a research report stating that after the lock-up period for CATL's (03750) H-share IPO ended, the stock price adjusted by 9% over the past two days, with the H-share premium narrowing to 15%. Based on 2026/2027 fiscal year P/E multiples of 22x and 18x, CATL's H-share valuation appears more attractive relative to its projected 31% earnings CAGR from 2025 to 2027.

The firm upgraded its rating on CATL's H-shares from "Outperform" to "High Conviction Outperform," maintaining the target price at HK$685. For CATL's (300750.SZ) A-shares, the "High Conviction Outperform" rating and RMB 500 target price were reaffirmed.