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两地上市催生新机遇 A股H股“双赢”渐入佳境
Zheng Quan Shi Bao·2025-05-29 18:25

Core Insights - The trend of dual listings ("A+H") is gaining momentum, driven by multiple factors such as asset revaluation in China, improved liquidity in Hong Kong stocks, and companies expanding overseas [1][4] - The recent performance of companies like CATL and Hengrui Medicine indicates a shift from discount to premium pricing in the Hong Kong market, reflecting increased investor confidence [2][3] Group 1: Market Dynamics - The Hong Kong IPO market has seen significant activity, with CATL setting a record for the largest IPO in four years and Hengrui Medicine achieving the largest IPO in the pharmaceutical sector in five years [2] - CATL's share price was set at HKD 263, which was a 2.8% premium over its A-share average prior to the pricing date, attracting 15.17 times oversubscription from international investors [2] - Hengrui Medicine also experienced top-tier pricing and 17.09 times oversubscription, indicating strong demand from international funds [2] Group 2: Valuation Trends - Recent listings have shown that companies with core competitiveness are receiving higher valuation premiums in the Hong Kong market, breaking the historical discount trend between A and H shares [3] - The valuation gap between H shares and A shares is narrowing, suggesting a more optimistic and independent pricing approach for quality assets in the Hong Kong market [3][7] Group 3: Future Outlook - There is a rich pipeline of IPO projects in Hong Kong, with 156 companies having submitted applications, including many A to H projects, indicating a growing trend of quality A-share companies seeking dual listings [4][6] - The influx of A to H companies is expected to enhance the market structure, particularly in new economy sectors, with the proportion of new economy companies in the Hong Kong market increasing significantly from 1.3% in 2018 to approximately 14% in April this year [7] - The trend of A-share companies listing in Hong Kong is anticipated to continue, driven by the need for internationalization and enhanced global capital operations [5][6]