news flash·2025-07-02 23:53Group 1 - The core viewpoint of the article highlights a new trend of A-share listed technology companies pursuing secondary listings in Hong Kong, with 16 semiconductor and consumer electronics companies having submitted prospectuses as of June 30, 2025, significantly higher than the same period in 2024 [1] Group 2 - For the companies planning to list, secondary listings provide diversified financing channels and enhance international market recognition, aiding their global expansion [1] - For Hong Kong investors, there is a short-term opportunity to capitalize on the price arbitrage between Hong Kong and A-shares, with a median discount rate of approximately -17% for five companies planning secondary listings in 2025 [1] - For A-share investors, this trend signifies international recognition of A-share companies' investment value and offers a new international valuation reference for core technology assets, potentially reshaping the overall valuation framework [1]