此外，港股中的境外公司，也有望回流A股。2018年之前，A股市场的上市公司要求必须注册在中国境 内，包括注册在境内的外商投资企业均可在A股IPO，2018年政策进行了调整，开始放行红筹企业A股 IPO，多家红筹公司在科创板挂牌，但对于注册在境外(包括港澳)的外资企业并无A股IPO先例。深交 所"H+A"路径明确 6月12日，国家发展改革委副主任李春临在国新办新闻发布会上表示，支持符合条件的香港联合交易所 上市公司，在深圳证券交易所发行上市存托凭证，允许符合条件、在香港联合交易所上市且在境内注册 的粤港澳大湾区企业在深圳证券交易所上市。 市场普遍认为，这一表态释放出两种信号。第一，从"H+A"的范围来看，不仅覆盖了200余家注册地在 粤港澳大湾区的港股企业，更向港股红筹企业及境外公司敞开大门，腾讯、阿里等万亿市值巨头有望迎 回归A股新机遇。其二，因企施策的港股公司到A股上市路径明确，针对不同类型港股企业设计不同 的"回A"方式，同时明确提出可采用存托凭证(CDR)。 据不完全统计，共有250家港股上市企业注册地位于粤港澳大湾区(含广东省、香港特别行政区、澳门特 别行政区)。其中，有30家企业已在A股上市，还有2 ...

Core Viewpoint - The recent policy allows Hong Kong-listed companies based in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, and those not based in the area can issue depositary receipts to achieve A-share listing, indicating a clearer path for "H+A" listings [1][2][8] Group 1: Policy Implications - The policy supports over 200 Hong Kong-listed companies based in the Greater Bay Area, including major firms like Tencent and Alibaba, providing new opportunities for these companies to return to the A-share market [1][4] - The policy clarifies the types of companies eligible for the "H+A" listing, potentially expanding to red-chip and overseas companies [2][5] Group 2: Company Types Affected - Two main categories of companies will benefit: 1. Companies registered in the Greater Bay Area that are listed on the Hong Kong Stock Exchange, with 250 such companies identified, of which 220 have not yet listed on A-shares [4] 2. Hong Kong-listed companies that may include red-chip and overseas firms, with 796 companies identified that are registered overseas but operate in mainland China [5] Group 3: Listing Mechanisms - The policy outlines two listing methods: 1. Direct listing for eligible companies registered in the Greater Bay Area on the Shenzhen Stock Exchange [9] 2. Issuance of depositary receipts (CDR) for eligible Hong Kong-listed companies, providing a clear path for red-chip and overseas firms to enter the A-share market [10][11] Group 4: Market Expectations - The policy is seen as a potential shift in the IPO landscape, with expectations for increased A-share listings from Hong Kong companies, although the pace and number of listings will depend on market conditions [13][14] - The policy aims to enhance the integration of capital markets between Hong Kong and mainland China, with a focus on regulatory collaboration and investor protection [15]

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。" 此前内地上市公司中不乏从H股回归A股的案例。如国联证券（现国联民生（601456））、中金公司（601995）、中国银河（601881）、中芯国际等均是实 施的"先H后A"路径，但总体来说，从H股回归A股以选择上交所为主。深市"先H后A"案例相对较少，较为典型的是中集车辆（301039）2019年H股上市后， 于2021年登陆创业板。本次中办、国办发文引发市场关注，主要源于市场期待采用红筹架构的大湾区企业在深交所二次上市能够破冰。 港股红筹企业回归深交所规则已明确 港交所上市的集团公司，常见架构可分为红筹架构和H股架构两种，其中红筹架构主要是指通过搭建并重组境内外架构的方式将中国境内权益主体由红筹架 构下拟境外上市主体实现并表。H股指中国境内注册的股份公司作为上市主体，在境外发行股票并上市的架构，即境内企业直接境外上市。 上述所提的中集车辆2019年H股上市、后2021年登陆创业板，即在港交 ...