21世纪经济报道·2025-06-17 14:58Core Viewpoint - The article discusses the increasing trend of Chinese companies returning to Hong Kong for IPOs, driven by geopolitical tensions and the attractiveness of the Hong Kong market, with a focus on potential regulatory changes to facilitate this process [1][25][26]. Group 1: Market Dynamics - Since the reform of the Hong Kong Stock Exchange listing system in 2018, 33 Chinese companies have returned to Hong Kong, accounting for over 70% of the total market capitalization of Chinese companies listed in the US [1]. - The Hong Kong IPO market is showing signs of recovery, with 27 companies raising a total of HKD 77.346 billion in the first five months of 2025, nearing the total amount raised in the previous year [4]. - The average daily trading volume in the Hong Kong securities market increased to HKD 2.423 billion in the first five months of 2025, more than doubling from HKD 1.102 billion in the same period last year [4]. Group 2: Regulatory Environment - The Hong Kong Stock Exchange is considering relaxing market capitalization thresholds and dual-class share structures to attract more Chinese companies back to the market [1][28]. - The introduction of the "FINI" system aims to shorten the settlement period for new shares from T+5 to T+2, enhancing capital turnover efficiency and attracting more international investors [5]. Group 3: Investment Trends - The return of large Chinese companies to Hong Kong is expected to inject new vitality into the capital market, although concerns about trading activity and stock price suppression have been raised [3]. - The trend of "de-dollarization" is reshaping capital markets, with international investors seeking new investment opportunities outside of US dollar assets, contributing to the influx of capital into Hong Kong stocks [11][12]. Group 4: A+H Listing Model - The A+H listing model is gaining traction, with many A-share companies considering Hong Kong listings to support their international expansion plans and facilitate overseas acquisitions [32][34]. - The Hong Kong market's trading activity is expected to positively influence A-share trading volumes, creating a synergistic effect between the two markets [9][34]. Group 5: Future Outlook - The Hong Kong Stock Exchange is committed to continuously reviewing its listing rules to better serve the needs of companies and adapt to market demands [27][28]. - The ongoing collaboration between the Hong Kong and mainland markets is anticipated to enhance overall market liquidity and attract more investment [34][35].