【深圳商报讯】（记者 陈燕青）随着南下资金涌入、港股走强，恒生AH股溢价指数持续走低，9月22 日盘中一度跌破117点，创出6年多新低。今年以来，恒生AH股溢价指数大跌近17%。据Wind统计，截 至9月23日收盘，宁德时代、恒瑞医药、紫金矿业等5只H股较A股溢价。 恒生AH股溢价指数是一个用以判断内地和香港市场估值差异的简易指标，该指数以100为基准，当指数 大于100时，A股相对H股有所溢价。相反，当指数小于100时，A股相对H股存在折价。由于内地和香港 两地市场环境有别，投资者结构也不相同，加上A股与H股不能互换等因素，同一公司的A股及H股价格 普遍有差价。 截至目前，尽管大多数A股仍较其H股溢价，但在A+H板块的161只个股中，溢价率超过100%的个股已 降至29只，其中无一超过200%。 除此之外，今年赴港上市的多只A股行业龙头股上市后受到外资的追捧，股价高于A股，也带动了恒生 AH股溢价指数的回落。如宁德时代H股高于其A股两成，恒瑞医药H股高于其A股13%。宁德时代H股自 5月20日上市以来，股价累计涨幅接近翻倍，H股对A股一度溢价达30%。 从历史上来看，2014年A股较H股一度出现过整体折价的 ...

Core Viewpoint - The article discusses the recent regulatory changes in China and Hong Kong that facilitate A-share listed companies to issue H-shares and list on the Hong Kong Stock Exchange, highlighting the increasing trend of A-share companies considering or preparing for Hong Kong listings due to supportive policies and the need for diversified financing channels [2][33]. Group 1: Listing Process for A-share Companies - The process for A-share companies to issue H-shares and list on the Hong Kong Stock Exchange involves several key stages, including preparation, due diligence, dual regulatory approval, and the final issuance and listing [3][4][5][8]. - The preparation phase requires the selection of intermediary institutions and the establishment of a timeline that aligns with A-share announcement timings [3]. - The due diligence phase includes comprehensive investigations into business, financial, and legal aspects, along with the preparation of necessary documentation [4]. - The dual approval phase involves submitting applications to both the Hong Kong Stock Exchange and the China Securities Regulatory Commission (CSRC), with expedited processes for qualified A-share companies [5]. - The final issuance phase includes obtaining approval from the CSRC and conducting roadshows to finalize the offering details [8]. Group 2: Information Disclosure During H-share Issuance - A-share companies must manage insider information and prevent insider trading during the H-share issuance process, ensuring proper disclosure at critical stages [9]. - The article provides a timeline of key disclosure events for companies like CATL during their H-share listing process, emphasizing the importance of board and shareholder meetings for approvals [9]. Group 3: Legal Issues in A+H Structure - The article outlines core legal issues related to the A+H structure, including valuation discrepancies between A-shares and H-shares, which often result in H-shares being priced at a discount compared to A-shares [12][13]. - The premium rate of A-shares over H-shares is highlighted, with a noted decline from 84.22% to 64.67% in 2025, indicating market dynamics and investor sentiment [14]. - Public holding requirements for A+H companies have been relaxed, allowing companies with a market value over HKD 30 billion to meet either a 10% public holding or a HKD 30 billion market cap requirement [15]. Group 4: Compliance and Regulatory Feedback - The article discusses common feedback from the CSRC regarding compliance issues, including operational legality, corporate governance, and foreign investment regulations, which affect the approval process for H-share listings [24][26][27][28]. - A significant number of companies have faced inquiries about their compliance with operational licenses and governance structures, indicating the importance of thorough preparation before applying for H-share listings [26][27]. Group 5: Challenges and Market Dynamics - The article notes that while there is a growing trend of A-share companies pursuing H-share listings, they face challenges due to differing investor expectations and regulatory environments in Hong Kong compared to mainland China [33]. - Companies must adapt to the more cautious nature of Hong Kong institutional investors and the complexities of complying with dual regulatory frameworks, which can increase operational costs [33].

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]