A股公司何以选择赴港上市？

Core Viewpoint - The trend of A-share companies choosing to list in Hong Kong through the "A+H" model has become a significant focus in the market this year, with notable companies like Heng Rui Pharmaceutical and CATL announcing their listings [1][3]. Group 1: A-share Companies Listing in Hong Kong - As of May 5, 2023, a total of 46 A-share companies have announced plans to list in Hong Kong, with 7 companies having submitted applications to the Hong Kong Stock Exchange and received approval from the China Securities Regulatory Commission for overseas issuance [1]. - The shift in A-share companies opting for Hong Kong listings marks a change in market dynamics, as historically, companies preferred to list only in A-shares due to higher valuations compared to their Hong Kong counterparts [1][3]. - The companies choosing to list in Hong Kong are typically industry leaders or well-known firms in the A-share market, indicating a shift towards a more favorable perception of Hong Kong listings among high-quality companies [1]. Group 2: Reasons for Listing in Hong Kong - The changing market environment in Hong Kong, including increased participation from mainland investors, has made it more attractive for A-share companies to list there, as they can achieve appropriate price positioning [3]. - The Hong Kong Stock Exchange has lowered the listing thresholds for A-share companies, facilitating their entry into the market by reducing the minimum H-share requirement [3]. - A-share companies have internationalization needs and seek to expand into international markets, with Hong Kong being a nearby option for such expansion [4]. - The financing needs of A-share companies also drive them to consider Hong Kong listings, as the market offers additional financing opportunities and potentially more convenient refinancing options compared to the A-share market [4].