智通财经网·2025-06-21 01:16Core Viewpoint - The Chinese mainland plans to allow Hong Kong-listed companies to list on the Shenzhen Stock Exchange, particularly focusing on H-shares and red-chip stocks headquartered in the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to deepen Shenzhen's reform and enhance the attractiveness of the A-share market [1][2]. Group 1: Policy Implications - The policy aims to deepen Shenzhen's reform and open up the market further, while also addressing the current lack of leading internet companies in the A-share market and the absence of hard technology and manufacturing firms in the Hong Kong market [2]. - The release of the "Opinions on Deepening the Comprehensive Reform Pilot in Shenzhen" on June 10, 2025, allows Greater Bay Area companies listed on the Hong Kong Stock Exchange to list on the Shenzhen Stock Exchange [1]. Group 2: Potential Beneficiaries - HSBC has provided two lists of potential stocks that could benefit from this policy: one focusing on H-shares headquartered in the Greater Bay Area and the other on red-chip stocks listed on the Hong Kong Stock Exchange [2]. - The potential companies include Sunshine Insurance (34.7 billion RMB market cap), UBTECH Robotics (31.7 billion RMB), and SF Intra-City (13.3 billion RMB) among others, all of which meet specific criteria such as being headquartered in the Greater Bay Area and having a market cap exceeding 10 billion RMB [3][4]. Group 3: Market Context - The A-share IPO market has been relatively stagnant, which may lead to a continued slowdown in the pace of A-share IPOs to maintain liquidity balance [2]. - The policy is seen as an extension of previous reports focusing on existing A-share companies' H-share IPO opportunities, indicating a strategic shift towards integrating Hong Kong and mainland markets [1][2].