港股、美股、A股市场上市制度特点

Group 1 - The report highlights that when choosing a financing destination, Chinese assets primarily prefer A-shares, with Hong Kong and US stocks as alternatives, due to the distinct characteristics of the listing systems in these markets [2][7]. - In terms of financial standards, the US stock market is the most flexible, followed by Hong Kong, while A-shares have the strictest requirements, emphasizing performance [5][8]. - The report indicates that the US stock market is the most accommodating regarding company structures, with Hong Kong being somewhat flexible, while A-shares are the most cautious, stressing clear ownership and stable control [5][16]. Group 2 - The report states that the approval efficiency and listing pathways are faster and more diverse in the US and Hong Kong compared to A-shares, which maintain a stringent entry barrier primarily through IPOs [5][23]. - The average application duration for Chinese companies listing in the US from January 2024 to October 2025 is estimated at 404 days, while for Hong Kong, it is significantly shorter at 307 days [24][27]. - A-shares have an average listing time of 745 days from IPO acceptance to listing, reflecting a longer and more rigorous approval process [28][30].