Weichai Power(SZ:000338) 2 1 Shi Ji Jing Ji Bao Dao·2025-07-14 10:03Core Viewpoint - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, driven by the cooling of the A-share IPO market and the warming of the Hong Kong market [1][2]. Group 1: Recent Developments - Weichai Power's subsidiary, Weichai Lovol, has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, following a previous unsuccessful attempt for an IPO on the Shenzhen Stock Exchange [1]. - Since the beginning of 2024, several A-share companies, including Zijin Mining, GoerTek, Noli Co., and Midea Group, have announced plans to spin off subsidiaries for listing in Hong Kong [1][2]. - As of the previous year, seven A-share companies have announced clear plans for spinning off subsidiaries to list on the Hong Kong main board [2]. Group 2: Financial Performance of Spin-off Candidates - GoerTek's subsidiary, Goer Micro, reported revenues of 3.348 billion yuan, 3.125 billion yuan, and 3.015 billion yuan from 2021 to 2023, with net profits of 329 million yuan, 326 million yuan, and 226 million yuan respectively [3]. - Midea Group's subsidiary, Ande Intelligent, achieved revenues of 14.189 billion yuan, 16.224 billion yuan, and 18.663 billion yuan from 2022 to 2024, with net profits of 215 million yuan, 288 million yuan, and 380 million yuan respectively [4]. - Zijin Mining's subsidiary, Zijin Gold International, reported revenues of approximately 1.818 billion USD, 2.262 billion USD, and 2.990 billion USD from 2022 to 2024, with net profits of approximately 290 million USD, 322 million USD, and 621 million USD respectively [4]. Group 3: Market Dynamics and Future Outlook - The trend of A拆H is seen as a combination of capital arbitrage and strategic adjustment, allowing parent companies to focus on core businesses and shed non-core assets [1][2]. - The Hong Kong market's recent relaxation of listing restrictions for unprofitable tech companies has opened financing channels for companies like GoerTek [1]. - Analysts suggest that if the A-share IPO market recovers, it may divert some demand from the Hong Kong market, but the unique advantages of the Hong Kong market will still attract high-growth tech and resource companies [6].