This year, A-share companies are accelerating their pace of listing in Hong Kong, with many companies updating their progress.

Securities Daily Reporter Ding Rong

Since the beginning of this year, the pace of A-share companies listing in Hong Kong has significantly accelerated. Wind data shows that as of March 10, 12 A-share companies have listed on the Hong Kong stock market this year. By the end of 2025, a total of 19 A-share companies are expected to list in Hong Kong.

Nankai University Finance Professor Tian Lihui told Securities Daily, “The rapid increase in A-share companies listing in Hong Kong is driven by policy benefits, market attractiveness, and corporate strategies. On the policy side, the connectivity mechanism continues to deepen, further lowering barriers; on the market side, current Hong Kong stock valuations are attractive, with lower valuations providing a safety cushion and potential benefits from valuation recovery; from a corporate strategy perspective, international financing and brand enhancement are becoming essential for development.”

Multiple A-Share Companies Make New Progress

On the evening of March 9, Shenghong Technology (Huizhou) Co., Ltd. (hereinafter “Shenghong Technology”), Puyuan Precision Electric Technology Co., Ltd. (hereinafter “Puyuan Precision Electric”), and Kefu Medical Technology Co., Ltd. (hereinafter “Kefu Medical”) announced that their offshore listed shares (H-shares) have been filed with the China Securities Regulatory Commission (CSRC).

Shenghong Technology’s announcement states that the company is in the process of applying for the issuance of offshore listed shares (H-shares) and listing on the Main Board of the Hong Kong Stock Exchange. The company recently received a filing notice from the CSRC for offshore issuance and listing. The company plans to issue no more than 110 million ordinary shares offshore and list them on the Hong Kong Stock Exchange.

A relevant person from Shenghong Technology said, “Funding through Hong Kong stock listing will mainly support the expansion of high-end production capacity, intelligent upgrades, AI computing power, and other cutting-edge PCB technology R&D. This will help the company achieve rapid global expansion, enhance overseas delivery capabilities, and deepen services for international clients. It also aligns with the global tech supply chain transformation, further consolidating our advantages and industry leadership. Additionally, it will attract well-known global long-term investors and diversify shareholder structure. Listing in Hong Kong can also enhance the company’s international influence, strengthen recognition from top global tech clients and international investors regarding our brand, technology, operations, and compliance, and solidify strategic cooperation with global customers to better serve high-quality international clients.”

Besides Shenghong Technology, Puyuan Precision Electric and Kefu Medical also received filing notices from the CSRC for offshore issuance and listing, marking key progress in their “A+H” dual-platform deployment.

Researcher Fu Yifu from Sushang Bank said, “A-share companies listing in Hong Kong are mainly industry leaders and high-quality firms in niche sectors. They are concentrated in semiconductors, biomedicine, high-end manufacturing, new energy, and other fields. From a fundamental perspective, they generally have healthy cash flows and mature business models, aligning with the preferences of Hong Kong institutional investors. Strategically, many have clear internationalization goals, requiring overseas financing and brand backing. From a compliance standpoint, they have standardized governance and mature information disclosure, enabling quick adaptation to regulatory requirements in both markets.”

Over 12 “A+H” Listings This Year

According to Wind data, the number of A-share companies listing in Hong Kong from 2021 to 2025 is 2, 5, 1, 3, and 19 respectively. This shows that in 2025, the number of A-share companies listing in Hong Kong will maintain a single-digit level in previous years, with a leap of 533.33% compared to 2024.

As of March 10, 2026, 12 A-share companies have listed in Hong Kong, including Nanjing Estun Automation Co., Ltd. and Shenzhen Zhaowei Electromechanical Co., Ltd. In the same period in 2025, only Chifeng Jilong Gold Mining Co., Ltd. listed in Hong Kong.

Fu Yifu said, “Based on the current queue of companies and filing progress, the number of ‘A+H’ listings in 2026 is expected to surge again. On one hand, leading and high-quality companies have strong willingness to list in Hong Kong, with ample pipeline; on the other hand, the filing process is efficient, review pace is stable, and the policy environment remains friendly.”

Tian Lihui added, “‘A+H’ is reshaping corporate growth models and China’s asset pricing framework. For companies, dual-market regulation raises higher standards for corporate governance, which itself becomes a form of credit asset; on the financing side, connecting with international long-term capital supports R&D expansion and overseas M&A; strategically, building an international capital platform helps transition from ‘product export’ to ‘capacity and capital export.’ For the capital market, listing emerging industry companies in Hong Kong optimizes market structure and enhances the global allocation value of China’s new economy assets; it also promotes more rational valuation systems in both markets, reducing emotional premiums and making profitability the core of pricing. This is not only a strategic upgrade for enterprises but also a milestone for China’s capital market internationalization.”