中金 | AH比较系列（2）：H+A新路径开启

Core Viewpoint - The article discusses the opening of a new path for "H+A" listings, highlighting the deepening of the Shenzhen-Hong Kong connection and the facilitation of dual listings for companies in the Guangdong-Hong Kong-Macao Greater Bay Area [2][11]. Group 1: Policy and Market Impact - The recent policy changes aim to enhance the financial, technological, and data empowerment of the real economy, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2]. - The new regulations are expected to strengthen the synergy between the Shenzhen and Hong Kong exchanges, promoting a two-way connection between A-share and H-share markets [8][9]. - The policy is anticipated to attract high-quality companies from Hong Kong to list in A-shares, thereby increasing the representation of emerging industries in the A-share market [8][9]. Group 2: Potential Companies for Dual Listings - Currently, there are 249 companies from the Greater Bay Area listed on the Hong Kong Stock Exchange, with only 27 achieving dual listings [4]. - Approximately 50% of the Greater Bay Area companies are in new economy sectors, with significant representation from consumer goods, information technology, and healthcare [4]. - Out of 1,593 companies in the Greater Bay Area, 436 and 910 are expected to meet the financial standards for the main board and the growth enterprise market, respectively [5]. Group 3: Historical Performance of H+A Listings - Historical data shows that companies returning from Hong Kong to A-shares have generally performed well, with average price increases of 7.0%, 18.6%, 19.9%, and 19.6% over various time frames post-listing [10]. - The performance of corresponding Hong Kong stocks has been weaker, indicating a potential short-term capital impact [10]. - The structural advantages of the Greater Bay Area are expected to become more pronounced, enhancing investment attractiveness for companies returning to the A-share market [10]. Group 4: Investment Opportunities - The article suggests that the new policy will facilitate more companies from the Greater Bay Area to enter the A-share market, further deepening the synergy between Shenzhen and Hong Kong exchanges [11]. - The current market environment may favor certain companies in the Greater Bay Area, particularly in sectors like new consumption and biotechnology, enhancing their investment appeal [11].