港股回A

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港股回深A!深圳再发声
Zheng Quan Shi Bao· 2025-07-02 10:50
Core Viewpoint - Shenzhen's Longhua District has launched a three-year action plan to promote the listing of local enterprises, aiming to enhance the financial ecosystem and support high-quality economic development [1][2][4] Group 1: Action Plan Overview - The action plan focuses on the "1+2+3" modern industrial system layout, improving the listing cultivation service system, broadening financing channels, and increasing support for mergers and acquisitions [1][2] - It emphasizes the importance of listed and prospective listed companies as key drivers of high-quality economic and social development [1][2] Group 2: Specific Measures - The plan includes enhancing collaboration with professional financial research institutions, facilitating domestic and international listing policy consultations, and coordinating cross-border financial institutions to support enterprises going global [2][3] - It proposes organizing activities to promote the Hong Kong Stock Exchange and attract overseas exchanges to establish representative offices in Longhua [2][3] Group 3: Financial Support and Ecosystem - The plan aims to establish a multi-tiered capital market service for enterprises, focusing on improving the quality of industrial supply chains and supporting upstream and downstream mergers and acquisitions [3] - It includes setting up a special fund for mergers and acquisitions to attract major brokerage firms and large listed companies to participate in funding [3] Group 4: Broader Policy Context - The action plan aligns with the central government's recent directives to deepen reforms and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5] - It supports the integration of financial services with the real economy, particularly in technology and innovation sectors, to foster high-quality development [5][6]
政策推动港深“双重上市”:哪些港股大湾区企业将会率先“回A”?
经济观察报· 2025-06-13 12:54
Core Viewpoint - The recent policy allows Hong Kong-listed companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, which is expected to enhance their valuation and attract international capital into the A-share market [2][12]. Group 1: Policy Overview - The State Council's recent opinion supports eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange [2]. - The policy aims to strengthen the core position of the Shenzhen Stock Exchange and enhance its global competitiveness [2][12]. - The Greater Bay Area development plan emphasizes the importance of cross-border financial flows and dual listings for attracting international capital [2]. Group 2: Current Market Landscape - There are over 200 companies from Guangdong listed in Hong Kong, primarily using the red-chip model, with notable examples including Tencent Holdings and Xiaopeng Motors [3][4]. - Companies listed under the H-share structure, such as Sunshine Insurance and UBTECH, are registered in Shenzhen [4][5]. - As of June 12, 2023, Tencent Holdings has a market capitalization of 4.69 trillion HKD, while other significant companies like Xiaopeng Motors and China Gas also exceed 200 billion HKD in market value [4]. Group 3: Types of Companies Likely to Return to A-Shares - High-tech companies with undervalued stock in Hong Kong may seek to return to A-shares for better valuations and funding opportunities [7]. - Mature tech platform companies that are still in a cash-burning phase may also consider returning to A-shares for additional financial support [7]. - Core technology firms in policy-sensitive industries could benefit from the dual listing, gaining both funding and favorable government policies [8]. Group 4: Challenges in Policy Implementation - The transition from Hong Kong to A-shares may face challenges due to differences in listing rules, financial auditing standards, and information disclosure requirements [13][14]. - Companies using red-chip or VIE structures may encounter high costs and lengthy processes to adjust their frameworks for A-share listings [13]. - The need for timely performance delivery is crucial, as delays could lead to investor trust issues and affect stock prices [13]. Group 5: Recommendations for A-Share Market - Suggestions include simplifying the review process for returning companies and establishing a green channel for eligible firms to expedite their listing [17][18]. - The introduction of a dedicated channel for tech companies on the ChiNext board could focus on core technology and business models rather than short-term profitability [18]. - Enhanced cooperation between the Shenzhen Stock Exchange and Hong Kong Stock Exchange is recommended to unify information disclosure standards and involve industry experts in the review process [19].