红土创新基金总经理冀洪涛： 内地企业赴港上市热潮推动核心资产价值重估
Zheng Quan Shi Bao·2025-10-09 21:56

Core Insights - The current surge of mainland companies listing in Hong Kong is expected to drive the valuation recovery of China's core assets and align technology stock valuations with international standards [1][2] Group 1: Drivers of the Hong Kong Listing Surge - The optimization of the Hong Kong Stock Exchange's (HKEX) system has lowered listing thresholds, with the introduction of the "Specialized Technology Line" in 2024 facilitating rapid review for specialized technology and biotech firms [1] - Mainland companies are driven by globalization strategies and financing needs, with leading firms like CATL raising funds for overseas projects, such as a factory in Hungary, and Hengrui Medicine planning to invest in overseas clinical research [1] - International capital is re-evaluating Chinese assets, with expectations of U.S. Federal Reserve interest rate cuts increasing the attractiveness of non-U.S. assets, leading to a return of long-term foreign capital to the Chinese market [2] Group 2: Impact on A-Share Valuation System - The current AH share premium index is at a historical low, with some leading companies' H shares trading at a premium, which may drive A-share valuation recovery through arbitrage and value investment mechanisms [2] - The valuation logic for growth stocks is shifting towards "technical barriers," with the Hong Kong market placing greater emphasis on R&D investment and technological barriers, promoting a transition in the A-share market from valuation-driven to growth-driven [2] Group 3: Effects on the Hong Kong Market - The listing surge is reshaping liquidity in the Hong Kong market, with southbound capital becoming a dominant force and a rise in growth style investments [2] - Southbound capital inflows and trading proportions have reached historical highs, indicating a shift in fund flow from high-dividend sectors (like finance and utilities) to growth sectors, transforming the market structure from being dominated by finance and real estate to being driven by technology and consumption [2]