中概股所谓“强制退市”如何看？信息披露未见信号，港股上市热度持续

Group 1 - The report highlights that there are currently no signals indicating a "forced delisting" risk for Chinese concept stocks from U.S. exchanges, despite heightened concerns due to recent political tensions and trade disputes [4][3]. - The "Foreign Companies Accountability Act" (HFCA) enacted in 2020 is a significant legislative measure that could lead to the delisting of Chinese companies if they fail to meet specific auditing and disclosure requirements for three consecutive years [4][9]. - The report emphasizes that the core advantage of returning to Hong Kong for Chinese companies lies in its flexibility and inclusiveness, which significantly reduces delisting risks compared to the U.S. market [6][12]. Group 2 - The report notes a continuous increase in the number of companies applying for listings in Hong Kong, with 67 applications submitted in the first quarter of 2025, reflecting a 281% year-on-year increase in IPO amounts [17][19]. - It mentions that 8.7% of Chinese concept companies are listed on both Hong Kong and U.S. exchanges, particularly among the top 50 companies [17][19]. - The report identifies key trends in industries seeking to list in Hong Kong, including pharmaceuticals, software services, and real estate, with a notable increase in IPO activities in the non-ferrous metals sector [19][23].