“A+H”上市持续升温政策红利促企业全球化布局

Core Viewpoint - A-share leading companies are increasingly pursuing dual listings in Hong Kong, driven by globalization strategies and supportive regulatory reforms in the Hong Kong market [1][2]. Group 1: Market Trends - Several A-share companies, including Luxshare Precision, have submitted applications for H-share listings, indicating a trend towards "A+H" dual listings [1]. - In 2025, 11 A-share companies have already listed in Hong Kong, with over 30 more planning to do so, reflecting a growing pipeline of companies seeking international capital [2]. - The Hong Kong IPO market has seen significant activity, with 53 companies successfully listing and raising HKD 127 billion in the first seven months of the year, a sixfold increase compared to the previous year [2]. Group 2: Regulatory Environment - The China Securities Regulatory Commission has introduced five measures to support mainland companies in listing in Hong Kong, including expedited approval processes for companies with market capitalizations over HKD 10 billion [4]. - The Hong Kong Stock Exchange has lowered the listing thresholds for A-share companies and introduced a "Specialized Technology Company" listing channel to facilitate listings for tech and biotech firms [4][5]. Group 3: Investment Dynamics - International long-term capital is increasingly flowing into Hong Kong IPOs, with an average of 30 institutional investors participating in each IPO, indicating strong global confidence in China's industrial upgrades and consumption potential [3]. - Deloitte estimates that there could be 80 new IPOs in Hong Kong this year, raising between HKD 130 billion and HKD 150 billion [6]. Group 4: Strategic Considerations for Companies - Companies looking to go public in Hong Kong should optimize their governance structures and ensure compliance with local regulations to enhance their chances of successful listings [6]. - The dual listing strategy is seen as a way to diversify funding sources, enhance international brand visibility, and mitigate market risks [2][4].