HEILAN HOME(SH:600398) 证券时报·2025-09-12 13:19Core Viewpoint - The article discusses the recent announcement by the domestic clothing company HLA (海澜之家) to issue H-shares and list on the Hong Kong Stock Exchange, highlighting the trend of A-share companies seeking listings in Hong Kong due to policy support and international expansion strategies [2][6]. Company Overview - HLA, established in 1997, is a large retail group in China, covering self-owned brand operations, international brand licensing, and custom group purchases. The company has a diverse brand portfolio including men's, women's, children's, and professional clothing [4]. - The company went public in 2014 through a reverse merger with Kainuo Technology [4]. Strategic Intent of Hong Kong Listing - The primary goal of HLA's planned Hong Kong listing is to deepen its global strategic layout, accelerate overseas business development, and enhance its international brand image. The company aims to strengthen its capital base to support high-quality growth [4]. - HLA has been actively expanding internationally, with its first overseas store opened in Kuala Lumpur, Malaysia, in 2017. The company plans to further explore markets in Central Asia, the Middle East, and Africa, with a new store opening in Sydney, Australia, expected [4]. Financial Performance - In the first half of 2025, HLA reported revenue of 11.566 billion yuan, a year-on-year increase of 1.73%. However, the net profit attributable to shareholders decreased by 3.42% to 1.580 billion yuan. The company experienced a net reduction of 110 stores, bringing the total to 5,723, which is similar to levels from three years ago [5]. - The overseas market has shown promising growth, with 111 overseas stores generating 206 million yuan in revenue, a 27.42% increase compared to the same period last year [5]. Market Trends - The trend of A-share companies listing in Hong Kong has been gaining momentum, with 11 companies having done so by September 11, 2023. There are over 50 A-share companies currently in the queue for H-share listings [7]. - The Chinese regulatory environment has become more favorable for such listings, with the China Securities Regulatory Commission (CSRC) introducing measures to support leading enterprises in going public in Hong Kong [7]. Advantages of Hong Kong Listing - Hong Kong is viewed as a natural platform for companies aiming for global market development due to its international financial center status, legal framework, and tax advantages, such as a corporate tax rate of 16.5% [8]. - The Hong Kong Stock Exchange has implemented reforms to facilitate listings, including allowing dual-class shares and providing flexible financing options for innovative companies [8].