证券时报·2025-05-30 08:07Core Viewpoint - The trend of dual listings in Hong Kong and A-shares is gaining momentum, driven by multiple factors such as asset revaluation in China, improved liquidity in the Hong Kong stock market, 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, with both companies experiencing top-tier pricing and substantial oversubscription from international investors [3][4]. - The international investor interest in Chinese quality assets is reflected in the high demand for shares, with CATL's international offering attracting orders exceeding $50 billion, showcasing a coverage ratio of over 30 times [3][4]. Group 2: Valuation Trends - The recent performance of companies like CATL and Hengrui indicates that investors are willing to pay a premium for companies with core competitiveness and industry leadership, breaking the traditional discount phenomenon in the Hong Kong market [4][12]. - The valuation gap between A-shares and H-shares is narrowing, with some companies like WuXi AppTec and China Merchants Bank experiencing price inversions between the two markets [13]. Group 3: Future Outlook - The pipeline for IPOs in Hong Kong is robust, with 156 companies having submitted applications, including many A to H projects, indicating a diverse range of industries [5][8]. - The trend of A-share companies listing in Hong Kong is expected to continue, driven by the success of leading firms and the desire for international visibility and capital operations [8][9]. - The shift towards new economy sectors is evident, with the proportion of new economy companies in the Hong Kong market increasing significantly, from 1.3% in 2018 to approximately 14% by April this year [12].