“A+H”热度不减 开年多家A股公司启动赴港上市

Core Viewpoint - The trend of A+H listings is expected to continue in 2026, with multiple A-share companies planning to issue H-shares and list on the Hong Kong Stock Exchange, indicating a significant increase in internationalization efforts among Chinese firms [1][2][3]. Group 1: Company Developments - Guangzhou Penghui Energy Technology Co., Ltd. and Huizhou Desay SV Automotive Electronics Co., Ltd. are among the A-share companies planning to issue H-shares to enhance their international presence and competitiveness [2][3]. - Desay SV aims to improve its brand influence and accelerate overseas business expansion through the issuance of H-shares [2]. - Penghui Energy's product matrix includes energy storage batteries, consumer batteries, and power batteries, with sales in over 50 countries, highlighting its global reach [3]. Group 2: Market Trends - In 2025, 19 A-share companies, including CATL and others, are expected to raise approximately HKD 139.99 billion through H-share listings, a 533% increase from 2024 [1]. - The A+H listing trend is driven by policy support and the increasing number of companies opting for this model, which enhances the interconnectivity between mainland and Hong Kong capital markets [4]. - The liquidity of the Hong Kong market is expected to improve significantly in 2025, attracting international funds and reducing valuation discount concerns for companies [4]. Group 3: Strategic Insights - The A+H model is seen as a long-term strategy that requires companies to align with international governance and disclosure standards, facilitating cross-border mergers and global equity incentives [5]. - The Hong Kong platform serves as a core for offshore financing, allowing companies to utilize raised funds for overseas expansion and technology acquisition [4]. - Companies are encouraged to adopt a long-term perspective, focusing on enhancing competitiveness through technology upgrades and market expansion rather than short-term speculative gains [5].