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A股公司赴港上市潮涌:进程加速、外资追捧与定价逻辑生变
Huan Qiu Wang·2025-07-29 02:09

Group 1 - The pace of A-share companies listing in Hong Kong is accelerating, with 10 companies successfully listed this year, accounting for approximately 70% of the total IPO fundraising in Hong Kong [1] - A total of 78 A-share companies have submitted applications to the Hong Kong Stock Exchange or announced plans to do so, covering multiple industries, with industry leaders like Heng Rui Pharmaceutical and Ningde Times leading the way [1] Group 2 - Factors driving this trend include policy support, global expansion strategies, and increased financing needs, with semiconductor and consumer electronics companies actively submitting prospectuses [3] - The Hong Kong Stock Exchange has introduced initiatives like "Linkage Connect" and "Tech Company Fast Track" to facilitate company listings [3] - The influx of capital into Hong Kong's IPO market is notable, with international institutional investors showing increased interest in Chinese assets, leading to a record high in foreign cornerstone investors [3] Group 3 - The pricing logic for Hong Kong IPOs has fundamentally changed, with a narrowing of the AH premium and some stocks trading at a discount in A-shares compared to H-shares [3] - The decline in AH premium reflects structural changes in the Hong Kong market, with the rise of new economy sectors [3] - UBS maintains a positive outlook on the Chinese capital market, suggesting that Hong Kong stock valuations are attractive and that the AH premium level may remain low in the context of a weakening US dollar [3]