第一财经·2025-06-11 10:04Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen Stock Exchange and providing new financing channels for Hong Kong-listed companies [1][4][14]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, but it does not imply a relaxation of A-share IPO standards, which will continue to emphasize high-quality listings [8][14]. - The introduction of the "H+A" listing model is seen as a way to attract high-quality companies back to the A-share market, potentially leading to higher valuations and increased fundraising opportunities [11][12]. Group 2: Market Statistics - As of June 10, 2025, there are 250 Hong Kong-listed companies registered in the Greater Bay Area, with 30 already listed on A-shares and 220 yet to do so [5]. - The top three companies by market capitalization among those not yet listed on A-shares are AIA Group (740.87 billion HKD), Hong Kong Exchanges and Clearing (525.90 billion HKD), and Bank of China (Hong Kong) (367.93 billion HKD) [5]. Group 3: Company Structures - Companies listed in Hong Kong typically operate under two structures: red-chip and H-share. The red-chip structure involves a complex arrangement to allow mainland companies to list abroad, while H-shares are directly registered in mainland China [15]. - The new policy is expected to accelerate the second listing of red-chip companies on the Shenzhen Stock Exchange, enhancing the market's attractiveness [14][15].