“H+A”模式受期待 增添资本市场活力

Core Viewpoint - The recent 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, which is expected to enhance the connectivity of capital markets in the region [1][2]. Group 1: Policy Implications - The policy is part of a broader initiative to deepen reforms and expand openness in Shenzhen, aiming to create replicable experiences that contribute to the construction of a modern socialist country [2]. - There are currently 220 companies from the Greater Bay Area listed in Hong Kong, with a total market capitalization of approximately 16 trillion HKD, including major firms like Tencent and Xiaopeng Motors [2][3]. Group 2: Market Dynamics - The "H+A" listing model is anticipated to invigorate both A-share and H-share markets, potentially leading to a return of more Chinese companies listed in Hong Kong back to A-shares over the next 3 to 5 years [2][4]. - The policy is expected to enhance the flexibility of financing and valuation for Greater Bay Area enterprises, contributing to market expansion and increased supply of securities [3][4]. Group 3: Future Developments - The recent measures by financial regulators aim to optimize the ecosystem for domestic companies seeking overseas listings, with the new policy likely to promote high-quality outbound and inbound capital market activities [4]. - The narrowing premium between A-shares and H-shares indicates increased confidence in the liquidity of Hong Kong stocks, which may lead to more A-share companies choosing Hong Kong for financing [4][5]. Group 4: Operational Considerations - The return of Hong Kong-listed companies to A-shares can occur through various methods, including direct issuance of A-shares, spin-offs, major asset sales, privatization, and CDR models [5]. - The current "H+A" listing is still in a pilot phase, with some challenges such as fund flow and cross-border capital issues that need to be addressed [6].