H+A上市

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预计年内有在港粤企A股上市?深交所“H+A”路径已明
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-23 07:33
Core Viewpoint - The establishment of a regular communication mechanism between relevant authorities and the China Securities Regulatory Commission (CSRC) aims to support the capital market in Shenzhen's comprehensive reform, with expectations for a series of reforms, including the return of companies listed on the Hong Kong Stock Exchange to the Shenzhen Stock Exchange [1][2] Group 1: Market Dynamics - The Shenzhen authorities have enhanced communication with various ministries since the issuance of the "Opinions on Deepening the Reform and Innovation of Shenzhen's Comprehensive Reform Pilot" [2] - The market anticipates that the return of companies from the Guangdong-Hong Kong-Macao Greater Bay Area to the Shenzhen Stock Exchange will provide more investment opportunities for investors and contribute to the growth of the A-share market [2][3] Group 2: Eligible Companies - There are over 250 companies listed on the Hong Kong Stock Exchange that are registered in the Guangdong-Hong Kong-Macao Greater Bay Area, with 30 already listed on the A-share market and 220 yet to return [3] - Among the 220 companies, the top three by market capitalization are AIA Group (737.19 billion HKD), Hong Kong Exchanges and Clearing (548.47 billion HKD), and Bank of China (Hong Kong) (379.03 billion HKD) [3] Group 3: Regulatory Framework - The National Development and Reform Commission has indicated support for eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, clarifying the path for different types of Hong Kong companies to return to A-shares [3][4] - The current rules require that red-chip companies seeking secondary listings on the Shenzhen Stock Exchange must have a market capitalization of at least 200 billion CNY and possess strong technological innovation capabilities [5][6] Group 4: Economic Implications - The return of Hong Kong-listed companies to the Shenzhen Stock Exchange is expected to enrich the industry matrix and enhance the valuation system of the A-share market, potentially attracting international capital [6][7] - The dual listing on both the Shenzhen and Hong Kong exchanges may facilitate the return of offshore RMB, thereby promoting the internationalization of the RMB and enhancing cross-border capital flow [7]
亚司特律师事务所:大湾区企业最快有望于今年底实现“H+A”上市
智通财经网· 2025-06-12 13:13
Group 1 - The central government has allowed companies from the Guangdong-Hong Kong-Macao Greater Bay Area listed in Hong Kong to apply for listing on the Shenzhen Stock Exchange, with detailed implementation rules expected in the next 1 to 2 months [1] - As of June 11, there are 220 companies from the Greater Bay Area listed in Hong Kong but not in A-shares, with a total market value of 16 trillion HKD, including major firms like Tencent and Xiaopeng Motors [1] - The new policy is anticipated to provide mainland investors with more opportunities to access high-quality companies, particularly technology firms, which are expected to be the primary candidates for returning to A-shares [1] Group 2 - The application conditions for these companies are expected to be similar to those for mainland companies listing in Hong Kong, aimed at simplifying the approval process and avoiding redundant reviews [2] - A "green channel" mechanism is anticipated to be established to expedite the review process for companies already listed in Hong Kong, including reducing the need for repeated submissions and shortening financial reporting requirements [2] - VIE (Variable Interest Entity) structure companies are not prohibited from listing in mainland China, with some already successfully listed, particularly in the artificial intelligence sector [2]
深化资本市场互联互通 打通粤港澳大湾区企业“H+A”上市通道
Zheng Quan Ri Bao· 2025-06-11 17:28
Group 1 - The issuance of the "Opinions" allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, marking a deepening of the interconnection mechanism of China's capital markets from the "trading end" to the "issuance end" [1][2] - This reform is expected to facilitate domestic financing for red-chip companies and the return of Chinese concept stocks, accumulating "Bay Area experience" for institutional innovation [1][2] - The policy aims to address the challenges of cross-border capital flow and institutional differences, enhancing regional synergy and promoting the dual listing mechanism to meet corporate financing needs [2][3] Group 2 - As of June 11, there are 2,636 H-share listed companies, with 1,589 of them registered in the Greater Bay Area, accounting for over 60% of the total and a market capitalization of approximately 20.72 trillion yuan, which is 32.23% of the total H-share market [3] - The characteristics of H-share companies in the Greater Bay Area include industry diversification, a concentration of well-known enterprises, and a strong demand for flexible financing environments due to international business needs [3][4] - Listing on the Shenzhen Stock Exchange is expected to enrich the industry matrix and types of companies in the Shenzhen market, optimizing the valuation system and enhancing the attractiveness of the A-share market to domestic and foreign investors [3][4]
港股IPO火热基石份额难求,高盛称长线资金显著回归
Di Yi Cai Jing· 2025-06-11 11:49
Core Viewpoint - The strong willingness of issuers to list in Hong Kong has led to a surge in IPOs, with over 40 companies announcing plans to go public this year, matching the total from the past 20 years [1][4] Group 1: Factors Driving IPO Surge - Three main factors are contributing to the increased activity in Hong Kong IPOs: 1. China's economic stimulus policies have heightened global investor interest in Chinese assets, particularly in the AI sector [5][6] 2. Regulatory support from both mainland China and Hong Kong has expedited the IPO process [5] 3. The quality of companies going public has improved, sustaining high investor enthusiasm for new listings [5][6] Group 2: Market Dynamics - The participation of long-term funds in IPOs has significantly increased, with the number of international long-term funds involved in a single IPO rising from 3-5 to over 20 [8][10] - Notable IPOs include CATL, which raised approximately 41 billion HKD, and other companies like Hengrui Medicine and Mx Group also achieving substantial fundraising [4][8] Group 3: New Regulations and Market Opportunities - New regulations allow companies listed in Hong Kong from the Greater Bay Area to also list on the Shenzhen Stock Exchange, promoting capital flow between the two markets [1][11] - Approximately 250 companies listed in Hong Kong are registered in the Greater Bay Area, with 30 already listed in A-shares, indicating potential for further listings [12]
重磅利好!允许“H牌”按规加挂“A牌”,大湾区港股公司里有这些巨头→
第一财经· 2025-06-11 10:04
Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen Stock Exchange and providing new financing channels for Hong Kong-listed companies [1][4][14]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, but it does not imply a relaxation of A-share IPO standards, which will continue to emphasize high-quality listings [8][14]. - The introduction of the "H+A" listing model is seen as a way to attract high-quality companies back to the A-share market, potentially leading to higher valuations and increased fundraising opportunities [11][12]. Group 2: Market Statistics - As of June 10, 2025, there are 250 Hong Kong-listed companies registered in the Greater Bay Area, with 30 already listed on A-shares and 220 yet to do so [5]. - The top three companies by market capitalization among those not yet listed on A-shares are AIA Group (740.87 billion HKD), Hong Kong Exchanges and Clearing (525.90 billion HKD), and Bank of China (Hong Kong) (367.93 billion HKD) [5]. Group 3: Company Structures - Companies listed in Hong Kong typically operate under two structures: red-chip and H-share. The red-chip structure involves a complex arrangement to allow mainland companies to list abroad, while H-shares are directly registered in mainland China [15]. - The new policy is expected to accelerate the second listing of red-chip companies on the Shenzhen Stock Exchange, enhancing the market's attractiveness [14][15].
允许“H牌”按规加挂“A牌”,大湾区港股公司里有这些巨头!
Di Yi Cai Jing· 2025-06-11 07:37
Core Viewpoint - The new policy allows companies listed on the Hong Kong Stock Exchange from the Guangdong-Hong Kong-Macao Greater Bay Area to also list on the Shenzhen Stock Exchange, enhancing the international competitiveness of the Shenzhen market and providing new financing channels for these companies [1][2][5]. Group 1: Policy Implications - The policy aims to strengthen the financial market integration within the Greater Bay Area, allowing for better cross-border flow of capital, talent, and technology [9]. - It is expected that the policy will not lower the listing standards for A-shares, maintaining a high-quality listing orientation with strict regulatory oversight [5][6]. - The introduction of this policy is seen as a way to attract more quality enterprises to the Shenzhen market, potentially increasing its market competitiveness and international influence [9]. Group 2: Potential Companies - There are currently 220 companies registered in the Greater Bay Area that are listed on the Hong Kong Stock Exchange but have not yet listed on the A-share market [2][3]. - The top three companies by market capitalization among these are AIA Group (HKD 740.87 billion), Hong Kong Exchanges and Clearing (HKD 525.90 billion), and Bank of China (Hong Kong) (HKD 367.93 billion) [2]. - Tencent Holdings, with a market capitalization exceeding HKD 4.7 trillion, is the highest-valued company among those with offices in the Greater Bay Area [3]. Group 3: Market Dynamics - The policy is anticipated to create a dual mechanism that allows for the return of quality companies to the A-share market, which could lead to higher valuations and increased fundraising opportunities [8][9]. - The current trend shows that many companies listed in Hong Kong may not achieve high valuations, and returning to the Shenzhen market could provide them with better financial prospects [8]. - The policy is also expected to benefit red-chip companies, potentially accelerating their secondary listings on the Shenzhen Stock Exchange [9][10].
债股协同、“H+A”深圳将给出科技产业金融“一体化”新解法
2 1 Shi Ji Jing Ji Bao Dao· 2025-06-10 13:49
Core Viewpoint - The release of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" aims to enhance financial services for the real economy, particularly focusing on technology and industry integration in finance [2][5]. Financial Services and Innovations - Shenzhen has been recognized as a significant financial center, with the "Opinions" emphasizing the need to improve mechanisms that incentivize financial services for the real economy [2]. - The "Technology Industry Financial Integration Pilot" is designed to empower technological innovation and industrial development, facilitating financial resources to support research and entrepreneurship [2][5]. - New financial products such as "Tengfei Loan" and "Technology Startup Loan" have been introduced to support small and micro enterprises [2]. Credit and Financing Mechanisms - The "Yuanqu Loan," a no-collateral credit product, has been launched to assist small and micro enterprises by leveraging various data points from industrial parks [3]. - As of April 2024, the Shenzhen "Specialized, Refined, Unique, and Innovative" board has listed 301 companies, with 80.73% being small and medium enterprises [3]. - The total loan balance for technology enterprises in Shenzhen reached 1.23 trillion yuan, with a year-on-year growth of 7.23% as of March 2025 [4]. Knowledge and Intellectual Property Financing - Shenzhen leads the nation in knowledge property asset-backed securities (ABS) issuance, with a total of 99 issuances amounting to 21.906 billion yuan, accounting for over half of the national total [6]. - The "Opinions" highlight the need to optimize the connection between debt and equity financing for technology enterprises, addressing challenges such as asset collateralization and risk assessment [7]. Support for Listing and Investment - The "Opinions" allow companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, promoting financial connectivity within the Greater Bay Area [8]. - There is a push for more long-term capital to support high-tech companies, especially those returning from overseas listings to the domestic market [9].