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]

Core Viewpoint - The recent issuance of the "Opinions" by the Central and State Council allows enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, potentially increasing the prevalence of "H+A" dual listings [2][3]. Group 1 - The "Opinions" may lead to more high-quality Hong Kong-listed enterprises in the Greater Bay Area achieving "H+A" dual listings [3]. - The cost of "returning to A-shares" for these enterprises will decrease due to prior audits and established communication with regulatory bodies, enhancing convenience [3]. - Completing "H+A" dual listings will improve liquidity and diversify the investor base, making it easier for mainland investors to access these quality companies [3]. Group 2 - Potential candidates for "H+A" dual listings include not only major players like Tencent but also companies in intelligent driving, robotics, and biotechnology, such as UBTECH and Youjia Innovation [4]. - The Greater Bay Area's mature supply chain capabilities and industry collaboration among tech companies support the growth of these sectors [4]. - Several intelligent driving and robotics companies from the Greater Bay Area are planning to submit their prospectuses to the Hong Kong Stock Exchange by June 30, which may accelerate their listing process once the "Opinions" are implemented [4].