中办、国办发文允许在港粤企深交所上市！17家“红筹股”越过市值门槛

Core Viewpoint - The introduction of the new policy allows companies listed in Hong Kong from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, potentially leading to more "H+A" dual listings and breaking the ice for red-chip companies to list in Shenzhen [1][4]. Group 1: Policy Implications - The new policy aims to facilitate the dual listing of companies, particularly red-chip companies, which have previously faced challenges in listing on the A-share market due to higher costs and stricter standards compared to Hong Kong [2][3]. - The policy is expected to enhance the attractiveness of the Shenzhen Stock Exchange for red-chip companies, which have historically been limited in their ability to list in A-shares [2][6]. Group 2: Market Statistics - There are currently 256 companies from Guangdong listed in Hong Kong, with a total market capitalization of 12.31 trillion yuan, of which only 50 are listed through domestic entities, while the majority utilize red-chip structures [3][8]. - Among the red-chip companies, Tencent Holdings has the highest market capitalization, exceeding 4.72 trillion yuan [3]. Group 3: Listing Requirements - The Shenzhen Stock Exchange has set specific criteria for red-chip companies wishing to list, including a minimum market capitalization of 200 billion yuan and a strong competitive position in their industry [8]. - Currently, only two companies meet the requirement of having a market capitalization exceeding 2 trillion yuan, namely Tencent Holdings and Tencent Music, while 17 companies meet the 200 billion yuan threshold [8].