目前包括中芯国际（688981.SH，00981.HK）、百济神州（688235.SH，06160.HK）、紫金矿业（601899.SH，02899.HK）在内的众多公司业已实 现"A+H"布局。 而在近期，来自A股科创板的普源精电科技股份有限公司（简称"普源精电"）也向港交所递交了招股书，申请在港股主板挂牌上市，中信证券为独家保荐 人。 电子测量仪器龙头，A股市值超79亿 根据招股书，普源精电（688337.SH）的前身北京普源精电成立于2000年，其后，普源精电于2009年根据中国公司法成立，并在2019年底转制为股份有限公 司。自2022年4月8日起，普源精电A股于上交所科创板上市，最新市值超过79亿元人民币。 业务方面，普源精电是中国领先的电子测量仪器公司，设计、开发、制造并交付全面电子测量仪器及解决方案，目前已建立以两大支柱为基础的全面电子测 量组合：（1）以核心技术驱动的产品矩阵，涵盖数字示波器、微波射频（"RF"）仪器、直流（"DC"）精密仪器及模块化仪器；（2）多场景解决方案套 件，主要服务通信、新能源、半导体、教育与科研等高增长行业。 根据弗若斯特沙利文的资料，按2024年收入计，普源精电是 ...

Group 1 - Since August, nearly 20 A-share companies have announced plans to list in Hong Kong, with notable firms like Luxshare Precision and Victory Technology submitting H-share applications [1][5] - The primary motivations for these companies to pursue Hong Kong listings include expanding international strategies, optimizing overseas business layouts, enhancing brand recognition, and improving overseas financing capabilities [1][5] Group 2 - The recent A-share companies planning to list in Hong Kong span various industries, including electronics, machinery, pharmaceuticals, food and beverage, chemicals, and media, with the electronics sector being the most concentrated [5][6] - Companies like Kexing Pharmaceutical, a global biopharmaceutical firm, aim to deepen their "innovation + internationalization" strategy through the Hong Kong listing, which will accelerate overseas business development and enhance their international brand image [5][6] Group 3 - Electronic industry firms such as Jinghe Integration and Huqin Technology view the Hong Kong listing as a means to expand overseas customer bases and optimize investment layouts, which is crucial given the fast-paced product iteration and high technology investment in the sector [6] - Leading companies in their respective fields, such as Luxshare Precision and Victory Technology, have submitted H-share applications, with Luxshare Precision's market value exceeding 300 billion yuan and plans to use raised funds for capacity expansion and technological research [6] Group 4 - The new regulations effective from August 4 at the Hong Kong Stock Exchange have improved IPO market pricing and public market rules, enhancing financing flexibility for issuers and strengthening investor protection, which is expected to further encourage A-share companies to list in Hong Kong [6]

Core Viewpoint - The company plans to complete its H-share issuance and listing as part of its "innovation + internationalization" strategy, marking its first external equity financing since its A-share listing in 2000 [2][3]. Group 1: Timing and Market Context - The timeline for the company's Hong Kong listing has been rapid, with key milestones achieved within five months, reflecting a strategic response to the evolving pharmaceutical regulatory and market landscape in China [3]. - The international capital market's increasing acceptance of Chinese innovative drugs is a significant factor in the company's decision to list in Hong Kong, which serves as a bridge to global markets [5]. - The listing will provide the company with flexible financing tools to support its international expansion efforts [5]. Group 2: Strategic Goals and Achievements - The listing is aimed at expanding the company's overseas business and enhancing international research collaborations, thereby achieving breakthroughs in foreign markets [6]. - The current trend of high-quality Chinese companies listing in Hong Kong is expected to attract capital returning from a weakening US dollar [7]. - The company has made significant strides in its global presence, with products registered in over 40 countries and regions, and has established 14 global R&D centers [8]. Group 3: Financial Performance and Future Plans - The company reported a revenue of 27.985 billion yuan in 2024, a year-on-year increase of 22.6%, and a net profit of 6.337 billion yuan, up 47.3% [11]. - The funds raised from the listing will primarily be used for innovative drug development, international expansion, and operational capital, aiming to enhance its market presence [11]. - The company is positioned to transition from a domestic leader in innovative drugs to a global pharmaceutical player, with the Hong Kong listing seen as a starting point rather than an endpoint [11].