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]

近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委等七部 门联合印发了《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，引起市场关注。5月22日， 国新办也举办了专场发布会，对相关政策作出解读。 图片来源：国新办专场发布会直播截图 发展新质生产力，必须探索建立与科技创新相适应的金融机制。此前，我国科技金融政策多从金融供给侧入手，而此 次印发的《政策举措》以科技创新需求侧为牵引，让更多的金融活水以更低成本、更快速度流入科技创新的广袤沃 土，有很多值得期待的政策亮点。 当然，《政策举措》不仅关注了资本市场和信贷支持。围绕畅通创业投资"募投管退"全链条推出一系列新举措，让创 业投资更"燃"了。健全涵盖科技创新全链条、全周期的科技保险产品和服务体系，让科技保险更"稳"了。7个方面、15 项政策举措，既有存量政策的迭代升级，也有增量政策的创新供给，干货满满，诚意满满。 记者：佘惠敏 监制：代明 审核：张倩 编辑：梁方圆 直接融资更"通"了。资本市场是科技型企业直接融资的重要渠道，《政策举措》一方面建立健全科技型企业资本市 场"绿色通道"机制，深化科创板、创 ...

5月7日上午，国务院新闻办公室举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 针对市场对贸易紧张局势可能蔓延至金融产品的担忧，中国证券监督管理委员会主席吴清作出回应。 第三，不断深化市场开放。梳理优化境外上市备案机制和流程，提高备案效率；大力支持上海国际金融 中心建设，巩固提升香港国际金融中心地位；稳步推进人民币股票交易柜台纳入港股通；支持在港推出 跨境投资和风险管理产品等对港合作举措。 第四，加强跨境监管合作。坚持尊重规律、尊重规则，积极塑造稳定、透明、可预期的监管环境；加强 证券监管、审计监管等方面的合作；维护企业在境外市场的正当利益；创造条件支持优质公司回归内地 及香港市场；做好投资者合法权益保护工作。 吴清强调，证监会将继续推动资本市场制度型开放，为境外投资者提供更加便利、高效的投资环境。 来源：北京日报客户端 记者：吴娜 吴清表示，对外开放是中国的基本国策，也是资本市场高质量发展的必然要求。虽然当前国际经贸形势 复杂多变，但中国经济高质量发展的战略方向非常清晰且坚定，宏观政策的稳定性和可预期性进一步提 升。 下一阶段，证监会将坚定不移推进资本市场高水平对外开放，进一步完善对外开放格 ...