券商中国·2025-05-30 04:29Core Viewpoint - The trend of dual listings in Hong Kong and A-share markets is gaining momentum, driven by factors such as asset revaluation in China, improved liquidity in Hong Kong stocks, and companies expanding overseas [2][3]. Group 1: Market Dynamics - A growing number of high-quality A-share companies are listing in Hong Kong, attracting significant international long-term capital and leading to a shift from discount to premium for AH shares [2][3]. - Recent IPOs, such as CATL and Hengrui Medicine, have set records in Hong Kong, showcasing strong demand from international investors with oversubscription rates of 15.17 times and 17.09 times, respectively [3][4]. - The pricing of these IPOs reflects a willingness among investors to pay higher valuations for companies with core competitiveness and industry leadership, indicating a shift in market sentiment [4]. Group 2: A+H Listing Trends - As of May 29, there are 156 companies waiting to go public in Hong Kong, with at least 24 A-share companies having submitted applications for dual listings, including industry leaders like Haitian Flavoring and Sany Heavy Industry [5][8]. - The trend of A+H listings is expected to continue, with many large enterprises across various sectors seeking to enhance their international presence and capital operations [8][9]. Group 3: Valuation Shifts - The valuation of new economy companies in Hong Kong has significantly increased, with their market capitalization rising from 2.8% in 2018 to approximately 28% in April 2023 [10]. - The influx of A-share companies into the Hong Kong market is likely to enhance liquidity and valuation levels, attracting more investors and increasing market activity [10][11]. - The phenomenon of A-share companies experiencing price adjustments upon announcing plans for Hong Kong listings, followed by price increases closer to their listing dates, indicates a recalibration of valuations [11].