Core Viewpoint - The media sharing session hosted by Deloitte focuses on the transformation, financing, and international expansion of private enterprises, emphasizing the strategic opportunities for Chinese companies in the context of capital market internationalization and listing strategies [1]. Group 1: Trends and Policies - The development of the "A+H" share model has been accelerating since 2024, driven by strong policy support [3]. - Key policy initiatives include the China Securities Regulatory Commission's measures to support mainland enterprises listing in Hong Kong and the Hong Kong Stock Exchange's optimization of the IPO approval process [3]. - The introduction of the FINI settlement platform enhances the efficiency and certainty of the Hong Kong IPO process [3]. Group 2: Market Demand and Opportunities - The "A+H" dual financing model is increasingly becoming a strategic choice for private listed companies, with a strong desire among mainland enterprises to expand internationally [5]. - Sectors such as new energy vehicles, electric batteries, and drones are highlighted as areas where Chinese companies can leverage international financing platforms to support expansion and enhance global brand influence [6]. Group 3: Listing Mechanisms and Innovations - The Hong Kong Stock Exchange's new listing rules, including chapters 18A and 18C, provide pathways for biotech and specialized technology companies to list, allowing unprofitable companies to go public [7]. - The 18C mechanism lowers the market capitalization thresholds for both commercialized and non-commercialized enterprises, facilitating more efficient listings for high-growth tech companies [7]. Group 4: Return of Chinese Companies - The trend of Chinese companies returning to Hong Kong is influenced by compliance conflicts between U.S. regulations and Chinese data security laws, with approximately 70% of Chinese concept stocks opting for a Hong Kong listing [11]. - The Hong Kong Stock Exchange's special channel for these companies shortens the approval process to three months and allows the retention of VIE structures, providing financing advantages [11]. Group 5: Advantages of Hong Kong Capital Market - Hong Kong's status as an international financial center, its well-established connectivity mechanisms, and flexible refinancing options are key advantages for companies considering listing [13][14]. - The supportive policy environment and the development of green finance initiatives further enhance Hong Kong's attractiveness as a capital market [14]. Group 6: Recommendations for Companies - Companies planning to list in Hong Kong should carefully choose their listing model, improve corporate governance, conduct feasibility assessments, ensure compliance, and monitor market conditions [16].