德银天下(02418)发布公告，于2025年12月30日，本公司董事会审议并批准建议实施本公司股东陕西汽 车集团股份有限公司所持有的本公司5.38亿股内资股股份转换为本公司H股(H股全流通)，占本公告日期 本公司已发行股份总数约24.67%。 H股全流通仍待获得所有相关批准方可作实，包括H股全流通的备案，上述本公司内资股转换为H股及 联交所批准有关H股在联交所主板上市买卖(转换及上市)。于本公告日期，公司尚未就H股全流通向中 国证监会提交申请备案文件，亦未就转换及上市向联交所提出申请。根据本公司公司章程，转换及上市 无需股东会审批。 ...

格隆汇12月26日｜中国人民银行 国家外汇管理局发布《关于境内企业境外上市资金管理有关问题的通 知 》。通知提到，注册在境内的股份有限公司经中国证券监督管理委员会备案，直接境外发行上市或 发行境外存托凭证的相关资金管理事宜，适用本通知。中国人民银行、国家外汇管理局及其分支机构对 境内企业境外上市涉及的业务登记、账户开立与使用、跨境收支、资金汇兑等行为实施监督、管理与检 查。境外上市前境内股东持有的内资股、境外上市后在境内增发的内资股、外资股东持有的未上市流通 股份，经中国证监会备案进行H股"全流通"。 ...

Core Viewpoint - The company has submitted filing materials to the China Securities Regulatory Commission for the implementation of H-share full circulation, converting a total of 44.3916 million unlisted shares into H-shares, which represents approximately 22.32% of the company's total issued share capital of 199 million shares as of the announcement date [1] Group 1 - The company plans to convert 44.3916 million unlisted shares into H-shares [1] - The conversion will account for about 22.32% of the total issued share capital [1] - The filing was submitted to the China Securities Regulatory Commission on December 15, 2025 [1]

Core Viewpoint - The company announced the board's approval to convert approximately 261.5 million domestic shares held by the National Military-Civil Integration Industry Investment Fund into H-shares, representing about 3.28% of the total shares issued as of the announcement date [1] Group 1 - The conversion of shares is scheduled for December 12, 2025 [1] - The move is part of the company's strategy to enhance liquidity and broaden its investor base [1] - The National Military-Civil Integration Industry Investment Fund is a significant shareholder in the company [1]

Core Viewpoint - Lingbao Gold (03330) has announced that its board has approved the implementation of full circulation for 18.3598 million unlisted domestic shares held by certain shareholders, representing approximately 1.43% of the company's total share capital as of the announcement date [1] Group 1 - The company has submitted a filing for H-share full circulation to the China Securities Regulatory Commission (CSRC) on December 2, 2025 [1] - As of the announcement date, the company has not yet applied to the Stock Exchange for the conversion and listing of H-shares, and the details of the implementation plan for H-share full circulation and conversion remain unconfirmed [1] - The full circulation of H-shares is subject to obtaining all relevant approvals, including the filing notice from the CSRC, the conversion of domestic shares into H-shares, and the approval from the Stock Exchange for the listing and trading of H-shares on the main board [1]

Core Viewpoint - Lingbao Gold (03330) has announced the board's approval for the implementation of full circulation of 18.3598 million unlisted domestic shares held by certain shareholders, representing approximately 1.43% of the company's total share capital as of the announcement date [1] Group 1 - The company has submitted a filing for H-share full circulation to the China Securities Regulatory Commission (CSRC) on December 2, 2025 [1] - As of the announcement date, the company has not yet applied to the Stock Exchange for the conversion and listing of H-shares, and the details of the implementation plan for H-share full circulation remain unconfirmed [1] - The full circulation of H-shares is subject to obtaining all relevant approvals, including the CSRC's filing notice, the conversion of domestic shares into H-shares, and the Stock Exchange's approval for the listing and trading of H-shares on the main board [1]

Core Viewpoint - The company has announced the implementation of H-share full circulation, converting approximately 100.2 million unlisted shares held by 10 shareholders into H-shares, which represents about 59.7983% of the total issued shares as of the announcement date [1] Group 1 - The board of directors approved the proposal for H-share full circulation on November 26, 2025 [1] - The conversion involves shares held by 10 shareholders, totaling approximately 100.2 million shares [1] - The H-share full circulation will significantly increase the liquidity of the company's shares in the market [1]

Core Viewpoint - The company has announced the implementation of H-share full circulation, converting 100 million unlisted shares held by 10 shareholders into H-shares, which represents approximately 59.7983% of the total issued shares as of the announcement date [1] Group 1 - The board of directors approved the proposal for H-share full circulation on November 26, 2025 [1] - The conversion of unlisted shares into H-shares is subject to obtaining all necessary approvals, including filing with the China Securities Regulatory Commission [1] - The company will apply for the listing and trading of these H-shares on the main board of the Stock Exchange of Hong Kong [1] Group 2 - The conversion and listing do not require shareholder approval according to the company's articles of association [1]

Core Insights - The report discusses the new paradigm of Hong Kong's capital markets driven by technological empowerment and institutional innovation, focusing on the trends and regulations for mainland companies planning to list in Hong Kong by 2025 [1][24]. Listing Pathways - The report highlights the suitability of H-share direct listings and red-chip indirect listings, with a trend towards A-share to H-share conversions. It emphasizes the importance of compliance issues related to VIE structure dismantling, H-share "full circulation," and offshore trust applications [2][18]. - The new regulatory framework established in 2023 has simplified the H-share listing process and optimized the "full circulation" mechanism, providing a more efficient cross-border financing path for large state-owned and mature private enterprises [18][24]. Practical Issues - The report identifies key legal issues for companies planning to list in Hong Kong, including the design of equity incentives, tax planning, and information disclosure, which are critical for executives to manage effectively [2][20]. - The Hong Kong Stock Exchange has introduced initiatives like the "Tech Company Fast Track" to enhance the attractiveness of the market for technology firms, aiming to facilitate their listing processes [2][10]. Hot Industries - The report categorizes key industries such as hard technology, biomedicine, and new consumption, each facing unique compliance challenges. Hard tech companies must navigate intellectual property and export control issues, while biomedicine firms focus on data security and human genetic resource protection [2][22]. - New consumption enterprises face multiple compliance tests, including third-party payment regulations and store licensing management, while domestic chain enterprises must pay attention to franchise compliance and fund management [2][22]. Market Dynamics - By 2025, Hong Kong's capital market is projected to regain its position as the world's top fundraising destination, with over 90% of the companies being from mainland China, driven by institutional innovations that facilitate access to global capital [1][24]. - The report emphasizes that the new regulatory environment and the establishment of a comprehensive filing system mark a significant shift in the cross-border listing landscape, enhancing the market's appeal for innovative enterprises [24].

Core Viewpoint - Changfeng Pharmaceutical (02652) announced the board's approval to convert 107 million non-listed domestic shares held by 20 shareholders into H-shares, representing approximately 26.1% of the total issued share capital as of the announcement date [1] Group 1 - The conversion of shares requires filing with the China Securities Regulatory Commission [1] - The total number of non-listed domestic shares to be converted into H-shares is 107 million [1]