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 Information data shows that as of March 10, this year, 12 A-share companies have listed on the Hong Kong stock market. A total of 19 A-share companies are expected to list in Hong Kong throughout 2025.

Tian Lihui, Professor of Finance at Nankai University, 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, Hong Kong stocks are currently attractive with low valuations, which means a thicker safety margin and potential benefits from valuation recovery in the future; on the corporate strategy side, international financing and brand enhancement are becoming essential for development.”

Multiple A-share companies make continuous progress

On the evening of March 9, Shenghong Technology (Huizhou) Co., Ltd. (hereinafter referred to as “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 printed circuit board technology R&D. It 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 long-term global investors and diversify our shareholder structure. Listing in Hong Kong can further enhance the company’s international influence, strengthen recognition from top global tech clients and international investors for 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 strategies.

Fu Yifu, a special researcher at the China Merchants Bank, told Securities Daily: “A-share companies listing in Hong Kong are mainly industry leaders and high-quality enterprises in niche sectors. From an industry perspective, they are concentrated in semiconductors, biomedicine, high-end manufacturing, new energy, and other fields. From a fundamental standpoint, they generally have healthy cash flow 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. In terms of compliance, they have standardized governance and mature information disclosure, enabling quick adaptation to regulatory requirements in both regions.”

Over 12 “A+H” companies listed this year

According to Wind Information 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 listed in Hong Kong include Nanjing Estun Automation Co., Ltd. and Shenzhen Zhaowei Electromechanical Co., Ltd., among others. In the same period in 2025, only Chifeng Jilong Gold Mining Co., Ltd. had 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 a strong willingness to list in Hong Kong, with ample pipeline companies; 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-region 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, emerging industry companies listing in Hong Kong optimize market structure, enhance the global allocation value of China’s new economy assets, and promote more rational valuation systems in both regions, reducing emotional premiums and making profitability the core of pricing. This is not only a strategic upgrade for enterprises but also a milestone in China’s capital market internationalization.”