Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen market and providing new financing channels for these companies [1][2][5]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, allowing for better cross-border flow of capital, talent, and technology [9]. - It is expected that the policy will not lower the listing standards for A-shares, maintaining a high-quality listing orientation with strict regulatory oversight [5][6]. - The introduction of this policy is seen as a way to attract more quality enterprises to the Shenzhen market, potentially increasing its market competitiveness and international influence [9]. Group 2: Potential Companies - There are currently 220 companies registered in the Greater Bay Area that are listed on the Hong Kong Stock Exchange but have not yet listed on the A-share market [2][3]. - The top three companies by market capitalization among these are AIA Group (HKD 740.87 billion), Hong Kong Exchanges and Clearing (HKD 525.90 billion), and Bank of China (Hong Kong) (HKD 367.93 billion) [2]. - Tencent Holdings, with a market capitalization exceeding HKD 4.7 trillion, is the highest-valued company among those with offices in the Greater Bay Area [3]. Group 3: Market Dynamics - The policy is anticipated to create a dual mechanism that allows for the return of quality companies to the A-share market, which could lead to higher valuations and increased fundraising opportunities [8][9]. - The current trend shows that many companies listed in Hong Kong may not achieve high valuations, and returning to the Shenzhen market could provide them with better financial prospects [8]. - The policy is also expected to benefit red-chip companies, potentially accelerating their secondary listings on the Shenzhen Stock Exchange [9][10].
允许“H牌”按规加挂“A牌”,大湾区港股公司里有这些巨头!