今天分享的是：2025赴港上市2.0：科技赋能与制度创新下的香港资本市场业务新范式 报告共计：258页 科技赋能与制度创新下香港资本市场业务新范式总结 这份文档聚焦2025年境内企业赴港上市新形势，围绕上市新规、实务问题和热点行业三大维度，系统剖析了科技赋能与制度创 新下香港资本市场的业务新范式。 香港凭借国际金融中心优势，成为内地企业跨境融资的重要枢纽。2023年境外上市新规实施，确立全面备案制监管体系，统一 了不同上市模式的监管标准，构建起多部门协同监管机制。新规明确了备案范围、事项及负面清单，为企业提供清晰指引。截 至2025年，大量境内企业提交备案申请，港股成为首选上市地，占比显著领先。港交所也不断优化规则，推出特专科技行业上 市规则、"科企专线"等，为科技企业开辟高效上市路径。 上市路径方面，H股直接上市与红筹架构间接上市各有适配场景，A转H成为新趋势。实务中，VIE架构拆除、H股"全流通"、离 岸信托应用等问题备受关注。VIE架构拆除需关注业务资质、股权变动等合规要点；H股"全流通"则涉及决策程序、外资比例限 制等核心事项；离岸信托作为常用工具，在财富传承、股权激励中发挥重要作用。同时，股权激励的 ...

长风药业(02652)发布公告，于2025年11月25日，公司董事会已考虑及批准建议实施公司20名股东持有 的公司1.07亿股非上市内资股转换为公司H股，占公司于本公告日期已发行股本总额约26.1%。申请H股 全流通的非上市内资股数目尚需向中国证监会备案。 ...

第四范式(06682)发布公告，中国证券监督管理委员会(中国证监会)已于近日受理本公司代表若干本公司 非控股股东向中国证监会提交的关于建议实施H股全流通的申请。根据相关申请文件，本公司已申请该 等股东持有的本公司已发行的1377.92万股内资股股份转换为H股并在香港联合交易所有限公司(联交所) 上市(转换并上市)。 ...

百望股份(06657)发布公告，公司于近日收到联交所已于2025年11月17日就1.35亿股H股(即根据转换及上 市将予转换的境内股的最高数目)授出上市及买卖的批准。 ...

Core Viewpoint - Shanxi Installation (02520) announced the approval of a proposal to convert 1 billion domestic shares into H-shares, representing approximately 72.81% of the company's total issued share capital as of the announcement date [1] Group 1 - The company's board of directors has reviewed and approved the conversion of 1 billion domestic shares into H-shares [1] - The proposed H-share full circulation requires filing with the China Securities Regulatory Commission and approval from the Hong Kong Stock Exchange [1]

Core Viewpoint - The company, Yunji (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all of its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Application Details - The application for conversion and listing does not require a separate shareholders' meeting for approval according to the company's articles of association [1] - The conversion will occur after obtaining all necessary approvals from the CSRC and the Hong Kong Stock Exchange, as well as complying with applicable laws and regulations [1] Group 2: Company Benefits - The company believes that participating in H-share full circulation will have positive implications for both the company and its shareholders [1] - Post-conversion and listing, the proportion and market value of tradable H-shares will increase, leading to a more diversified shareholder structure [1] - The company's corporate image and reputation are expected to benefit from the conversion and listing process [1] Group 3: Future Opportunities - After the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect), which will expand its investor base [1] - Strengthening connectivity with mainland Chinese exchanges is anticipated to attract more domestic and international investors [1]

Core Viewpoint - The company, Cloudwalk (02670), has submitted an application to the China Securities Regulatory Commission (CSRC) on November 18, 2025, to convert all its unlisted domestic shares into H-shares, aiming for a listing on the main board of the Hong Kong Stock Exchange [1] Group 1: Company Actions - The conversion and listing of unlisted shares into H-shares will enhance the tradable proportion and market value of the company's H-shares [1] - The company believes that participating in the full circulation of H-shares will have positive implications for both the company and its shareholders [1] - The company will not hold a separate shareholders' meeting for the approval of the conversion and listing, as per its articles of association [1] Group 2: Market Implications - The conversion and listing are expected to diversify the shareholder structure of H-shares and improve the company's corporate image and reputation [1] - Following the conversion and listing, the company may be included in the Stock Connect programs (Shanghai-Hong Kong and Shenzhen-Hong Kong), which will increase the number of investors and strengthen connectivity with mainland Chinese exchanges [1]

Core Viewpoint - Xuan Zhu Bio-B (02575) has submitted a filing application to the China Securities Regulatory Commission (CSRC) for the proposed implementation of full circulation of H-shares, converting a total of 357,245,794 unlisted shares into H-shares on a one-to-one basis [1] Group 1 - The company plans to convert 357,245,794 unlisted shares into H-shares, which will then be listed and traded on the Stock Exchange of Hong Kong [1] - The conversion is subject to the completion of all filing requirements, including approval from the CSRC and the Stock Exchange of Hong Kong [1] - The company aims to comply with all applicable laws, regulations, and rules during this process [1]

Core Viewpoint - The company has announced a proposal for full circulation of H-shares, converting 357,245,794 unlisted shares held by six shareholders into H-shares, which represents approximately 68.9733% of the total issued shares as of the announcement date [1] Group 1 - The board of directors approved the implementation of the H-share full circulation proposal on November 14, 2025 [1] - The conversion of unlisted shares into H-shares is subject to obtaining all necessary approvals, including filing with the China Securities Regulatory Commission [1] - The company plans to apply for the listing and trading of these H-shares on the main board of the Stock Exchange of Hong Kong [1]

Core Viewpoint - Ying Tai Medical (01501) has submitted a filing to the China Securities Regulatory Commission (CSRC) for the implementation of full circulation of its H-shares, indicating a strategic move to enhance liquidity and market presence [1] Summary by Relevant Sections - **H-share Conversion** - The company has applied to convert a total of 71.7866 million domestic shares held by certain shareholders into H-shares for listing on the Hong Kong Stock Exchange [1] - **Regulatory Approval** - The conversion of domestic shares into H-shares will occur once all necessary filings and approvals from regulatory bodies, including the CSRC and the Stock Exchange, are obtained, ensuring compliance with applicable laws and regulations [1] - **Shareholder Meeting Requirement** - According to the company's articles of association, there is no need to convene a shareholder meeting to approve the conversion and listing of the shares [1]