深交所有望迎来"H+A"新案例落地。 6月10日晚间，中共中央办公厅、国务院办公厅印发《关于深入推进深圳综合改革试点深化改 革创新扩大开放的意见》（以下简称《意见》），其中提到"允许在香港联合交易所上市的粤 港澳大湾区企业，按照政策规定在深圳证券交易所上市。" 值得一提的是，近年来中企出海加速，出于上市成本考虑，A股企业赴港股市场二次上市才是 当前的主流模式，即"A+H"模式。 在过往很长一段时间内，已在港股上市的中国公司，注册地大多在境外，采用红筹架构，这 些企业要想"回A"，主要操作是先完成私有化再重新申报A股上市，或分拆子公司在A股独立 上市。 直至2019年，随着科创板开板，注册制改革拉开序幕，境外红筹企业在A股二次上市才迎来突 破，但成功者并不算多。目前红筹企业在A股二次上市的案例，主要集中在上交所，如中国移 动、中芯国际等。 作 者丨杨坪 编 辑丨朱益民 而目前采用红筹架构在深交所二次上市的案例则尚未破冰。 Wind 数据显示，目前已在港股上市的广东企业合计有256家，总市值合计12.31万亿元。其 中，采用境内实体上市的企业只有50家，大部分企业都采用了红筹架构， 市值最高的是腾讯 控股，总市值 ...

Core Viewpoint - The introduction of the new policy allows companies listed in Hong Kong from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, potentially leading to more "H+A" dual listings and breaking the ice for red-chip companies to list in Shenzhen [1][4]. Group 1: Policy Implications - The new policy aims to facilitate the dual listing of companies, particularly red-chip companies, which have previously faced challenges in listing on the A-share market due to higher costs and stricter standards compared to Hong Kong [2][3]. - The policy is expected to enhance the attractiveness of the Shenzhen Stock Exchange for red-chip companies, which have historically been limited in their ability to list in A-shares [2][6]. Group 2: Market Statistics - There are currently 256 companies from Guangdong listed in Hong Kong, with a total market capitalization of 12.31 trillion yuan, of which only 50 are listed through domestic entities, while the majority utilize red-chip structures [3][8]. - Among the red-chip companies, Tencent Holdings has the highest market capitalization, exceeding 4.72 trillion yuan [3]. Group 3: Listing Requirements - The Shenzhen Stock Exchange has set specific criteria for red-chip companies wishing to list, including a minimum market capitalization of 200 billion yuan and a strong competitive position in their industry [8]. - Currently, only two companies meet the requirement of having a market capitalization exceeding 2 trillion yuan, namely Tencent Holdings and Tencent Music, while 17 companies meet the 200 billion yuan threshold [8].