深圳“并购新政”激发深港上市合作新机遇｜湾区观察

Core Viewpoint - Shenzhen's new merger and acquisition policy aims to support qualified companies in pursuing high-quality development through mergers and acquisitions, with a target of exceeding a total market value of 20 trillion yuan for listed companies by the end of 2027 and cultivating 20 companies with a market value of over 100 billion yuan [1][2]. Group 1: Policy Initiatives - The action plan includes measures to connect with Hong Kong's capital market, facilitating cross-border mergers and acquisitions [1]. - Specific initiatives involve supporting leading enterprises in Shenzhen to list or refinance in Hong Kong, establishing equity investment funds for industrial mergers, and enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange [1][2]. - The policy is a continuation of the central government's push for deeper financial cooperation between Shenzhen and Hong Kong, as highlighted in a June 2023 document [1][2]. Group 2: Market Response - Following the announcement of the new policy, the Shenzhen state-owned assets sector experienced a surge, with stocks hitting the daily limit on the first trading day [2]. - Over 70 mainland companies have listed in Hong Kong this year, raising over 190 billion HKD, with many from Shenzhen in sectors like consumer electronics and biotechnology [2][3]. Group 3: Support for Enterprises - Shenzhen's government is committed to providing comprehensive support for local companies looking to list in Hong Kong, including a full-cycle service mechanism for companies in various districts [3][4]. - The Hong Kong government has also prioritized attracting mainland companies to list in Hong Kong, with initiatives to assist tech firms in financing [3][4]. Group 4: Challenges and Opportunities - Experts note that while the integration of Shenzhen and Hong Kong's financial markets presents opportunities, there are still systemic barriers to overcome, such as discrepancies in listing rules and compliance standards [5]. - A clearer and more stable policy environment is needed to reduce compliance costs and enhance financing efficiency for companies [5].