明星公司扎堆上演上市“双城记”AH溢价指数小幅波动估值差距收窄

Group 1 - A-share companies have seen a resurgence in Hong Kong listings since Q4 2025, with a total of 10 new companies added to the A+H sector, including Zhaoyi Innovation and OmniVision Technologies [1] - Notable companies such as Longqi Technology, Lanke Technology, Desay SV, Dongpeng Beverage, and Guoen Co. are accelerating their listing processes [1] - The recent trend has strengthened the linkage between the two capital markets, making the differentiation in AH share premium levels a focal point for the market [1] Group 2 - Longqi Technology, a leading ODM manufacturer, is currently in the process of going public, with an expected listing date of January 22, raising approximately 440.2 million HKD [1] - Lanke Technology has passed its listing hearing and plans to raise 900 million USD for technology research and development, with Alibaba and Morgan Asset Management as cornerstone investors [1] - Dongpeng Beverage has successfully passed the main board listing hearing in Hong Kong, holding a 26.3% market share in China's functional beverage market as of 2024, up from 15% in 2021 [2] Group 3 - The AH share premium index has shown a downward trend since 2025, attributed to the influx of quality A-share companies enhancing liquidity in the Hong Kong market [3] - As of January 16, the AH share premium index was reported at 120.43 points, reflecting a slight increase from the low of 115.44 points at the end of the previous year [3] - Among the newly listed A+H companies, the premium rates mostly range from 20% to 80%, with some companies like Guanghetong showing a premium exceeding 117.71% [3][4] Group 4 - There are currently 37 companies with an AH premium exceeding 100%, with Zhejiang Shibao leading at a premium rate of 360.30% [4] - The ongoing trend of A-share companies listing in Hong Kong is expected to continue, supported by multiple factors, as noted by various institutions and brokerages [5] Group 5 - Since the beginning of 2026, A-shares have outperformed Hong Kong stocks, leading to fluctuations in the AH share premium index [6] - The strong performance of A-shares is primarily driven by new listings in high-tech and advanced manufacturing sectors, while the Hong Kong market remains dominated by traditional sectors [6] - The current environment suggests that while Hong Kong stocks are underperforming, the AH premium index is stabilizing, indicating a preference for quality H-shares among domestic investors [6] Group 6 - The Hong Kong Stock Exchange currently has 357 companies in the listing queue, with 105 projects from A-share companies, indicating a robust pipeline for IPOs in 2026 [7]