Core Viewpoint - The trend of A-share technology companies pursuing secondary listings in Hong Kong is seen as an inevitable choice for globalization and industrial transformation, emphasizing the need for "long-termism" to balance short-term gains with strategic value [1][8]. Group 1: Market Trends - A total of 247 companies have submitted listing applications to the Hong Kong Stock Exchange (HKEX) as of July 23, including 42 A-share companies and 5 subsidiaries [1]. - The IPO fundraising amount in the Hong Kong market reached HKD 1,067 billion (approximately RMB 973.24 billion) in the first half of the year, with major contributions from A-share companies [2]. - The trend of A-share companies going public in Hong Kong continues, with at least 46 A-share companies and their subsidiaries applying for listings this year, over 70% of which are technology stocks [3]. Group 2: Strategic Motivations - The strategic motivation for A-share companies to list in Hong Kong includes not only the expansion of financing channels but also the resonance of macro forces such as policy relaxation, globalization, and global capital reallocation [1][4]. - Listing in Hong Kong allows companies to build an "A+H" dual financing platform, facilitating better integration of global resources and enhancing their position in the global supply chain [3][4]. Group 3: Capital Efficiency and Valuation - Technology companies prefer secondary listings in Hong Kong due to capital efficiency, valuation advantages, and the need for global resource integration and business expansion [4]. - The valuation of technology companies listed in Hong Kong is generally higher than that in A-shares, with a median premium exceeding 15% expected by 2025 [5]. Group 4: Foreign Investment Participation - The influx of foreign capital into the Hong Kong market has significantly increased its activity, with cornerstone investors playing a crucial role in the success of IPOs [6]. - As of June 30, 2025, cornerstone investors accounted for 45.2% of the companies listed on the Hong Kong Stock Exchange, up from 31.0% in 2023 [6]. Group 5: Future Outlook - The trend of A-share companies pursuing secondary listings in Hong Kong is expected to continue, driven by the ongoing opening of China's capital markets and the integration of domestic and international capital chains [8]. - Companies are advised to focus on long-term strategies and operational efficiency to navigate the complexities of dual market operations and enhance their competitive edge [8].