港股新观察 | 多只优质中概股“归巢” 港股迎科技企业生力军

Core Insights - A total of 37 Chinese concept stocks have returned to the Hong Kong market through dual primary listings or secondary listings as of October 21, with 24 companies opting for dual primary listings and 13 for secondary listings [1][4] - The return of Chinese concept stocks is primarily driven by companies in the frontier technology sector, including smart driving, biotechnology, and advanced manufacturing [1][6] - The Hong Kong Stock Exchange (HKEX) offers significant advantages in terms of listing time, procedures, costs, and exemption conditions, which is expected to facilitate the continued return of Chinese concept stocks [1][6] Group 1 - Recent dual primary listings include smart driving companies WeRide and Pony.ai, which have both passed the HKEX hearing and are set to list [2] - The dual primary listing strategy is seen as crucial for smart driving companies to expand financing channels, enhance valuation stability, and connect with core markets [2] - Biotech companies are also planning dual primary listings, with Tianjing Biotechnology announcing its intention to conduct an IPO in Hong Kong [2] Group 2 - Hesai Technology became the first lidar company to achieve a dual primary listing, raising over 4.16 billion HKD, marking the largest IPO by a Chinese concept stock returning to Hong Kong in nearly four years [3] - The return of high-quality Chinese concept stocks to the Hong Kong market is supported by favorable policies and ongoing market reforms [4] - The HKEX has introduced mechanisms such as "same share, different rights" and relaxed listing requirements for unprofitable biotech firms, enhancing its capacity to accommodate Chinese concept stocks [4]