Novosense(SH:688052) Xin Lang Zheng Quan·2025-04-30 08:12Core Viewpoint - Since 2025, there has been a notable increase in A-share listed companies planning to list on the Hong Kong stock market, with over 30 companies having submitted applications or announced plans for such listings [1][3]. Group 1: Reasons for the Surge in Listings - The Hong Kong stock market is viewed as an international capital market that can assist companies in their global business expansion, with many companies citing "supporting global development" as a reason for their listings [1][3]. - Recent policies have also encouraged A-share companies to pursue secondary listings in Hong Kong, including measures to optimize the Shanghai-Hong Kong Stock Connect mechanism and support leading domestic enterprises in listing in Hong Kong [3]. Group 2: Specific Company Listings - Companies such as Lens Technology and Dazong CNC have announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance their international competitiveness and accelerate overseas capital platform development [3]. - A detailed list of companies planning to list in Hong Kong includes Lens Technology (submitted on March 31, 2025), Jiangdu Long (March 22, 2025), and others, indicating a broad interest across various sectors [2]. Group 3: Fundraising and Financial Health - Naxin Micro has submitted its application for a Hong Kong listing, with plans to use the raised funds for enhancing technology capabilities, expanding product offerings, and strategic investments, despite having a low debt ratio of 21.21% and significant cash reserves [5][8]. - The company previously raised 5.81 billion yuan from its A-share listing, significantly exceeding its initial fundraising target, and has since allocated part of the excess funds to improve liquidity [8][7]. Group 4: High-Priced Acquisitions and Market Concerns - Naxin Micro's acquisition of Shanghai Maige Microelectronics was conducted at a high premium, raising questions about potential conflicts of interest and the authenticity of the acquired company's performance [9][16]. - The acquisition involved a significant valuation increase, with the assessed value of Maige Microelectronics being substantially higher than its book value, leading to concerns about the sustainability of its reported earnings [10][12].