原标题：范兴成等：解锁A股上市公司赴港H股上市的步骤、信披要点与核心法律问题 引言 为加强中国境内企业境外上市统一监管与规范、优化并提升境外上市备案效率，以及建设更加理性、有吸引力的国际证券交易市场，自2023年起，中国证券 监管机构关于境外上市的立法及香港证券监管机构对港交所上市的监管规则都做出了重大调整。 受益于香港及内地监管政策的支持以及企业融资渠道多元化及国际化战略落地需求的影响，越来越多的A股上市公司开始考虑或正在积极准备赴港上市。根 据Wind的统计，2024年有3家A股上市公司成功登陆香港联交所，2025年上半年以来，宁德时代（300750.SZ）、恒瑞医药（600276.SH）、海天味业 （603288.SH）、安井食品（603345.SH）、天岳先进（688234.SH）等A股明星企业亦完成H股上市。趁此A股上市公司赴港上市的热潮，本文对A+H项目涉 及的各个环节，以及核心法律问题进行了总结与分析，希望可以帮助拟赴港上市的A股上市公司在准备及申请阶段做好充分的准备。 一、A股上市公司赴香港联交所发行H股并上市的主要流程 A股上市公司申请发行H股并在香港联交所上市需适用《境内企业境外发行证券和 ...

Group 1 - The Hong Kong stock index has shown strong performance this year, outperforming major global indices, while the Hang Seng AH Premium Index has been declining, reaching a low of 126.91 points on June 12, the lowest since June 2020 [1][2] - As of June 13, the Hang Seng AH Premium Index reported 128.05 points, indicating an overall decline of over 10% this year [1][2] - There are currently 42 companies with an AH premium rate exceeding 100%, while companies like CATL, WuXi AppTec, and China Merchants Bank have seen their H-share prices exceed A-share prices [1][2] Group 2 - The AH premium index has been rapidly converging since March, moving away from the previous range of 130 to 150 points [2] - The premium rates for sectors such as automotive, non-ferrous metals, media, and electric equipment have reached near ten-year lows, with some industries like machinery and transportation seeing rates below 10% [2] - Several banks have seen their H-shares rise over 20% this year, with significant reductions in AH premiums for banks like CITIC Bank and Agricultural Bank of China [2] Group 3 - Certain companies like WuXi AppTec and China Merchants Bank have exhibited AH discounts, indicating a shift in market pricing logic [3] - The Hong Kong market is influenced heavily by external factors, with significant inflows into the healthcare sector, which has outperformed A-share indices [3] - International investors favor companies with strong financials and stable cash flows, particularly in the pharmaceutical sector [3] Group 4 - Some high-quality companies have shown instances of H-share premiums over A-shares, driven by alignment with macro trends and foreign investment standards [4] - The phenomenon of AH discounts is influenced by trading enthusiasm and technical factors [4] Group 5 - The continuous convergence of the Hang Seng AH Premium Index is attributed to multiple factors [5] Group 6 - The Hong Kong market has outperformed, with the Hang Seng Index up 19.11% as of June 13, significantly better than A-share indices [6] - Southbound capital has net bought HKD 681.327 billion in the Hong Kong market this year, reflecting increased confidence in Chinese assets [6] - The strategic positioning of the Hong Kong market as a platform for RMB internationalization and the return of Chinese concept stocks has attracted both domestic and foreign investments [6]