“科技之星 弃A赴港”？浪潮之下 暗流涌动

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings from technology companies, particularly those in the AI and GPU sectors, as firms like Zhipu and MiniMax prepare to go public, highlighting a shift from the A-share market to Hong Kong due to more favorable listing conditions [1][11][31]. Group 1: Listing Trends and Market Dynamics - Zhipu is set to list on January 8, 2026, as the "first stock of AI general models," while MiniMax will follow on January 9, 2026 [1]. - Wall Street's "AI Six Tigers," including Zhipu and MiniMax, are seen as potential stars that previously aimed for the A-share market but have opted for Hong Kong [1][11]. - The recent listing of Wallran Technology as the "first GPU stock in Hong Kong" further emphasizes the trend of tech companies moving south [1][11]. Group 2: Listing Pathways and Regulatory Framework - Companies typically have two pathways for listing: the A-share Sci-Tech Innovation Board or the Hong Kong Stock Exchange under the 18C regulations [1][26]. - The 18C regulations, introduced in 2023, eliminate the requirement for continuous profitability and lower the market capitalization thresholds for both commercialized and non-commercialized companies [4][26]. - The Hong Kong 18C framework is designed to support hard-tech companies, similar to the A-share Sci-Tech Innovation Board, but with more flexible requirements [26][28]. Group 3: Financial and Structural Requirements - Under the 18C rules, commercialized companies must have a market cap of at least 40 billion HKD, while non-commercialized companies require 80 billion HKD [4][28]. - The 18C regulations allow companies to list without profitability, with revenue requirements set at 2.5 billion HKD for commercialized firms and none for non-commercialized ones [6][28]. - The focus on R&D spending is significant, with commercialized companies needing to allocate at least 15% of operating expenses to R&D, while non-commercialized firms must allocate 30% [7][28]. Group 4: Market Appeal and Investor Considerations - The Hong Kong market is viewed as a more attractive option for tech companies due to its international capital access and flexible regulatory environment [34]. - The presence of major institutional investors in Hong Kong provides a stable foundation for new stock offerings, enhancing market confidence [34]. - The ability to maintain control through various share structures, such as AB shares, is a significant advantage for companies like MiniMax [32][33]. Group 5: Challenges and Risks - The increasing number of listings has raised concerns about market liquidity and the potential for a wave of IPO failures, particularly among unprofitable tech firms [16][37]. - The risk of a potential wave of delistings looms as many companies may fail to meet profitability targets within the required timeframe [38]. - Regulatory challenges persist, particularly regarding the definition of "specialized technology" and the criteria for companies seeking to list under the 18C framework [39][40].