2 1 Shi Ji Jing Ji Bao Dao·2025-06-13 11:57Core Viewpoint - The Hong Kong government is actively seeking to attract more leading mainland enterprises to raise funds in Hong Kong, supporting their international development and welcoming the return of more Chinese concept stocks [1] Group 1: Regulatory Changes - The Hong Kong government plans to improve approval processes and optimize the dual primary listing and secondary listing thresholds, including reviewing market structures and considering establishing an over-the-counter trading mechanism for delisted companies [1] - The revised dual primary listing and secondary listing system may relax restrictions on market capitalization, industry attributes, and compliance duration [1][2] - As of June 11, there are 59 U.S.-listed Chinese concept stocks with a market capitalization exceeding $1 billion, of which 29 are not yet listed in Hong Kong [1][4] Group 2: Dual-Class Share Structures - Many of the 29 companies not yet listed in Hong Kong adopt a dual-class share structure, which allows different voting rights for shareholders [2][3] - The Hong Kong Stock Exchange (HKEX) has allowed companies with dual-class share structures to list, provided they meet certain market capitalization and financial criteria [2][3] - Notable companies like Alibaba, JD.com, and Meituan have successfully listed on the HKEX under this structure since the 2018 reforms [3] Group 3: Market Conditions and Future Outlook - Current popular Chinese concept stocks with special voting rights structures, such as Huya, Hesai Technology, and WeRide, do not meet the current HKEX listing requirements [5] - There is ongoing discussion about whether the HKEX will further relax restrictions on dual-class share structures, with industry experts suggesting that the urgency for such changes may not be high at this moment [5] - Suggestions for future regulatory adjustments include balancing the attraction of Chinese concept stocks with investor protection, potentially through phased relaxations of dual-class share structure restrictions [6]