如何看待A股龙头蜂拥赴港上市

Group 1 - Since 2025, A-share listed companies have shown a trend of going public in Hong Kong, with four companies including CATL and Hengrui Medicine successfully listing on the Hong Kong Stock Exchange in May, indicating a potential record high for new "A+H" companies in recent years [1] - A-share companies primarily consist of manufacturing sectors such as power equipment, automotive, and pharmaceuticals, while the Hong Kong market is more diversified, focusing on healthcare, consumer goods, and technology [1] - Over the past five years, there has been a significant divergence in financing scale between A-shares and Hong Kong stocks, with A-share financing remaining above $80 billion from 2021 to 2022, dropping to $60 billion in 2023, while Hong Kong's financing plummeted from $50 billion in 2020 to $6 billion in 2023, but is expected to rebound in 2024 [1] Group 2 - The choice to list in Hong Kong is supported by policy measures from the China Securities Regulatory Commission, which announced in April 2024 to support leading domestic companies in going public in Hong Kong, along with the Hong Kong Stock Exchange's "Tech Company Fast Track" for rapid review [2] - A-share companies are seeking internationalization due to tightened refinancing in the A-share market, with Hong Kong's flexible mechanisms for placement and rights issues providing more financing channels, as seen with CATL's fundraising for its Hungary project [2] - The valuation gap between certain sectors in Hong Kong and A-shares has narrowed post-policy adjustments, and listing in Hong Kong helps companies align with global valuation systems, supported by continuous inflow of southbound funds and the profitability of Hong Kong stocks [2] Group 3 - For companies, listing in Hong Kong provides access to a wider range of financing channels and flexible capital operation space, while inclusion in international indices like MSCI and FTSE Russell attracts more international passive investment [3] - The strict requirements for information disclosure and ESG in Hong Kong can compel companies to improve their governance structures, although lower valuations in some sectors may affect fundraising efficiency [3] - The influx of quality A-share companies into the Hong Kong market is expected to enhance market liquidity, improve market structure, and solidify Hong Kong's position as an international financial center, aided by reforms like dual-counter trading in RMB [3]