红筹股回归路径拓宽，A股国际化向前一步

Core Viewpoint - The recent policy allows eligible Hong Kong-listed companies to issue depositary receipts (CDRs) on the Shenzhen Stock Exchange, enhancing the internationalization of the exchange and facilitating the integration of the Guangdong-Hong Kong-Macao Greater Bay Area's financial markets [1][4]. Group 1: Policy Implications - The policy aims to support qualified Hong Kong-listed companies and Greater Bay Area enterprises in listing on the Shenzhen Stock Exchange, which is expected to expand the pool of potential companies significantly [1][4]. - This initiative is part of a broader effort to accelerate capital market reform and open up, particularly to support the economic development of the Greater Bay Area [1][6]. Group 2: Market Dynamics - The introduction of CDRs for Hong Kong stocks is anticipated to create a more integrated valuation system between the Shenzhen and Hong Kong stock markets, enriching the investment options available to domestic investors [3][6]. - Historically, the return of H-shares to A-shares has primarily favored the Shanghai Stock Exchange, with fewer cases in Shenzhen, which may change with the new policy [3][4]. Group 3: Future Prospects - The policy could serve as a pilot for establishing a regional financial collaboration system, with the potential for similar frameworks to be implemented in other exchanges like the Shanghai and Beijing stock exchanges [2][7]. - The successful implementation of this policy is expected to enhance the financing capabilities and quality within the Greater Bay Area, attracting more international financial resources [6][7].