Core Viewpoint - The article discusses the deepening of the "H+A" listing channel between Hong Kong and mainland China, highlighting the potential for more companies from the Guangdong-Hong Kong-Macao Greater Bay Area to achieve dual listings in both markets as a result of recent policy changes [2][10]. Group 1: Policy Changes and Market Impact - The recent policy document released on June 10 aims to enhance the financial, technological, and data integration to support high-quality economic development, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2][5]. - The new regulations are expected to strengthen the synergy between the Shenzhen and Hong Kong exchanges, promoting a more integrated capital market and facilitating the dual listing of quality enterprises from the Greater Bay Area [7][10]. Group 2: Potential Companies for Dual Listing - Currently, there are 249 companies from the Greater Bay Area listed on the Hong Kong Stock Exchange, with only 27 achieving dual listings. The total number of companies in the region is 1,593, with a significant portion in new economy sectors [4][5]. - Among the 1,593 companies, 436 are expected to meet the financial standards for the Shenzhen Stock Exchange's main board, while 910 could qualify for the growth enterprise market [5]. Group 3: Historical Performance of H+A Listings - Historical data shows that companies returning from Hong Kong to A-shares have generally performed well, with average price increases of 7.0% after one week, 18.6% after one month, and 19.9% after three months [9]. - The performance of these companies in the A-share market has outperformed both the A-share market and their Hong Kong counterparts, indicating strong investor interest and potential for future listings [9]. Group 4: Investment Opportunities - The article suggests that the new policies will create investment opportunities as more companies from the Greater Bay Area are expected to list on the A-share market, enhancing the quality and diversity of investment options available to domestic investors [10]. - The collaboration between the Hong Kong and Shenzhen exchanges is anticipated to foster a "Hong Kong incubation + mainland acceleration" model, benefiting both markets and attracting long-term capital [8][10].

Group 1 - The issuance of the policy 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, creating a new "H+A" listing channel for high-quality enterprises [1] - The policy is expected to improve the valuation of quality technology companies in the A-share market, addressing the valuation discount caused by liquidity issues in the Hong Kong market [1] - The example of CATL's record IPO of HKD 41 billion demonstrates the financing value of the Hong Kong market for mainland technology companies, while Shenzhen is positioned as a leader in technological innovation [1] Group 2 - Companies like Youjia Innovation, Sutech, and UBTECH, if they list on the Shenzhen Stock Exchange, will not only broaden their financing channels but also potentially enhance their valuations, alleviating financial pressure from R&D investments [2] - A report from Guozheng International highlights Youjia Innovation as one of the few companies capable of fully self-developing intelligent driving solutions, with a target price of HKD 31.4, indicating a 20% upside potential [2] - The return of these companies to the Shenzhen market will inject fresh blood into the A-share market, promoting further alignment with international standards [2] Group 3 - The ability to leverage the AEB mandatory assembly policy and capitalize on the capital opportunities presented by "H+A" will test the effectiveness of the current policies aimed at integrating technology, industry, and finance [3]

具体还需等待进一步细则的发布。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 中办、国办 于 6月10日 印发《关于深入推进深圳综合改革试点 深化改革创新 扩大开放的意见》 （以下简称 "《意见》"） 。其中提到，允许在香港联合交易所上市的粤港澳大 湾区企业，按照政策规定在深圳证券交易所上市。 事实上， 在过去一段时间尤其是今年以来，数十家在 A 股上市的企业或已完成 " A+H "两地上 市、或已向港交所递交招股书、或已公告赴港上市的计划；而随着前述《意见》的出台以及后续细则 的颁布，两地的上市通道或将进一步打通，" H + A "或也将变得更加普遍。 当然， " H + A "过去也并非没有先例，但大都是中芯国际、中国移动等绝对龙头的企业；而更早 之前， 已在港股上市的中国公司 鉴于 注册地大多在境外 且 采用红筹架构， 因此 这些企业要想 "回A" 大都要 先完成私有化 后再启动 A股上市 流程。 另据「 IPO早知道」了解，亦有多家 粤港澳大湾区 的智能驾驶、机器人企业计划今年乃至 6月30 日以前正式向港交所递交招股书。而一旦前述《 ...