8月20日，山东天岳先进科技股份有限公司（以下简称为"天岳先进"）正式在香港联交所主板挂牌并上 市交易。这标志着山东省年内首家"A+H"上市公司诞生。 公开资料显示，成立于2010年的天岳先进，是国内碳化硅衬底领域的"隐形冠军"企业，于2022年1月登 陆A股科创板，成为"碳化硅第一股"，按2024年收入计位列全球碳化硅衬底制造商前三，市场份额占 16.7%，产品在国际市场上获广泛认可。 "此次港股上市是公司国际化战略的关键一步，借助'A+H'双重上市，公司能更好地利用两个资本市场 资源，推动在技术研发、产能扩张、市场拓展等方面加快发展；同时吸引更多国际投资者关注，提升国 际知名度，进而推动海外业务布局。"天岳先进董事长宗艳民告诉记者。 值得注意的是，这股港股IPO热潮里，不仅是"A+H"明显升温，不少山东上市公司积极把握机遇，纷纷 布局"A拆H"。潍柴动力拟分拆的潍柴雷沃、山东黄金拟分拆的山金国际，歌尔股份拟分拆的歌尔微均 向港交所主板递表，分拆自南山铝业的南山铝业国际则已于今年3月登陆港交所。 来源：天岳先进微信公众号 今年以来，港股IPO市场火热，"A+H"热度持续攀升。缘何出现A股上市公司赴港"上市潮 ...

Group 1 - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, with multiple companies initiating this process [1][4] - Companies such as Weichai Power, Tongrentang, and Zijin Mining have submitted applications for their subsidiaries to be listed on the Hong Kong Stock Exchange, indicating a diverse range of industries involved [1][2] - The spinoff model is becoming an important choice for companies to expand their capital landscape, with a focus on sectors like pharmaceuticals, manufacturing, and technology [1][4] Group 2 - Zijin Gold International, spun off from Zijin Mining, is a leading gold mining company with significant global reserves and production, ranking ninth and eleventh respectively as of December 31, 2024 [2] - Tongrentang Medical and Health, a subsidiary of Tongrentang Group, is the largest non-public Chinese hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% in the industry [2] - The spinoff of companies like GoerTek and Noli has also been initiated, with GoerTek Microelectronics being a leader in the MEMS device sector and Noli focusing on intelligent logistics solutions [3] Group 3 - The Hong Kong market is increasingly favoring rapidly growing companies, particularly those with strong cash flow and clear asset evaluations, as it lacks high-potential manufacturing and technology firms [4] - The trend of spinoffs is seen as a way to enhance the overall market supply in Hong Kong while providing companies with new growth opportunities and improving their international presence [4][7] - Companies with "heavy assets and strong operations" are encouraged to consider independent listings to unlock valuation ceilings, especially in sectors like energy services and industrial logistics [4] Group 4 - The performance of companies that have already completed spinoffs shows a mixed trend, with South Mountain Aluminum International's stock rising 36% since its listing, while iFlytek Medical Technology has seen a 21.74% increase [6] - The increasing number of "A拆H" cases is leading to diverse capital structures, as seen with the Tongrentang group potentially forming a triangular structure in the Hong Kong market with multiple subsidiaries [6] Group 5 - The impact of spinoff listings on parent companies' equity can be positive if the subsidiary's stock price rises, although some profits will be shared with external shareholders post-spinoff [7] - The acceptance of "A拆H" in the market is viewed as more favorable compared to A-share spinoffs, which may increase stock supply and investor resistance [7] - The overall valuation of the Hong Kong market remains lower than that of the A-share market, and the capacity for accommodating additional listings needs further observation [7]