Group 1 - The "H+A" policy allows eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, specifically targeting companies registered in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Currently, only 23 Hong Kong-listed companies meet the criteria of being registered in mainland China and located in the Greater Bay Area, indicating a limited number of potential candidates for this policy [1][2] - Among the 23 eligible companies, notable ones include Sunshine Insurance (6963.HK), UBTECH (9880.HK), and Wanwu Cloud (2602.HK), with market capitalizations of 38.76 billion HKD, 36.23 billion HKD, and 24.84 billion HKD respectively [2][3] Group 2 - The industries represented by these companies primarily include real estate and finance, with specific examples such as Guangzhou Rural Commercial Bank (1551.HK) and Wanwu Cloud (2602.HK) [3] - The return of these companies to the A-share market faces challenges, particularly in the finance and real estate sectors, where recent attempts to list have stalled [3][4] - In contrast, technology companies like UBTECH (9880.HK) and others in the AI and semiconductor sectors are seen as having more potential for successful listings [3][6] Group 3 - The three highlighted technology companies are currently operating at a loss, with UBTECH projected to generate 1.305 billion RMB in revenue but incurring a loss of 1.16 billion RMB in 2024 [4] - The "H+A" policy is expected to enhance the quality of listed companies on the Shenzhen Stock Exchange and attract long-term investment by narrowing the valuation gap between H-shares and A-shares [6] - Challenges remain in the implementation of the "H+A" policy, including the need for clearer regulations, addressing valuation discrepancies, and ensuring compliance with dual disclosure standards [6]