中金：A to H上市浪潮影响有多大？

Core Viewpoint - The article discusses the increasing trend of A-share companies listing in Hong Kong (A to H listings) since 2025, driven by a supportive policy environment, improved market conditions, and specific business needs of companies [1]. Group 1: Reasons for A to H Listings - The supportive policy environment includes measures from the China Securities Regulatory Commission encouraging leading enterprises to list in Hong Kong, which has led to 8 A-share companies raising a total of 981.1 billion HKD since September 2022 [1]. - The market environment has improved significantly, with Hong Kong's stock market showing better liquidity and sentiment compared to A-shares, as evidenced by the Hang Seng Index and Hang Seng Tech Index rising over 15% year-to-date [1][6]. - Companies are seeking to expand their overseas business and increase the proportion of foreign investors, with many companies finding Hong Kong's listing process more flexible and quicker for financing needs [9]. Group 2: Understanding AH Premium - The AH premium, which indicates the price difference between A-shares and H-shares, is influenced by differences in investor structure, trading, liquidity, and refinancing mechanisms between the two markets [13]. - Currently, the AH premium index is at 133%, with historical averages around 140%, indicating that H-shares generally trade at a discount compared to A-shares due to various market dynamics [14]. - The AH premium is more applicable for dividend investment perspectives, as most A-H listed companies are in traditional sectors, making them suitable for dividend-focused strategies [18]. Group 3: Why H-shares Can Be More Expensive - The recent listing of Ningde Times has led to a situation where H-shares are trading at a premium to A-shares, with a current premium of 11% [19]. - Factors contributing to this premium include the limited size of the IPO, high investor enthusiasm, and favorable liquidity conditions in the Hong Kong market [21][22]. - The inclusion of Ningde Times in the MSCI Global Standard Index is expected to attract approximately 200 million USD in passive fund inflows, further supporting the premium [26].