A growing wave of A-share companies are accelerating their push to list in Hong Kong. Data from Wind shows that as of early June, more than 60 A-share firms have kicked off the process of going public in Hong Kong this year. Among them, over 20 have either formally submitted listing applications to the Hong Kong Exchanges and Clearing Limited (HKEX) or obtained regulatory approval from China’s securities watchdog, while nearly 40 are in the planning stage with announcements but have yet to file formal applications.

These A-share companies eyeing Hong Kong listings fall into two categories: those that have officially submitted applications to the HKEX (entering the review phase) and those that have announced plans but remain in pre-filing preparation. Notable firms that have already filed with the HKEX include SANY Heavy Industry, SERES, JinkoSolar, Sanhua Intelligent Controls, Baili Pharmaceutical, Haitian Flavoring, GigaDevice, Lens Technology, Cambridge Industries Group, and Muyuan Foods. Companies that have announced plans but not yet filed include Zijin Mining, LAKALA, Donkey Goat Beverage, Will Semiconductor, Shantui Construction Machinery, Guoen Technology, Longqi Tech, CHJ Jewelry, Meigao Intelligent Technology, ENN Natural Gas, and Junxin Environmental Protection.

So far this year, five A-share companies—Jihong Technology, Hengrui Medicine, CATL (Contemporary Amperex Technology Co. Limited), Junda New Energy, and Chifeng Gold—have successfully listed in Hong Kong. Of their total funds raised, 50% is earmarked for overseas factory construction, 30% for research and development (R&D), and 20% for debt optimization.

Further data from Wind reveals that from January 1, 2020, to December 31, 2024, a total of 15 A-share listed companies have successfully gone public in Hong Kong, all via the "A-shares first, then H-shares" dual-listing model. These firms are concentrated in sectors such as biomedicine, new energy, consumer goods, and high-end manufacturing. Specifically, five listed in 2020; two in 2021; four in 2022; one in 2023; and three in 2024 (as of the end of May).

From a policy perspective, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated at a press conference on May 7 that China encourages eligible domestic enterprises to pursue overseas listings in compliance with laws and regulations, and supports high-quality Chinese stocks returning to mainland and Hong Kong markets. On May 23, the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) released a draft regulation, Notice on Issues Concerning the Administration of Funds Raised by Domestic Enterprises in Overseas Listings (Draft for Comment), aiming to optimize the management of funds raised through overseas listings.

Why has there been a surge in A-share companies rushing to list in Hong Kong this year? Wu Qingdeng, Director of Investment at Ningbo Juzheng Investment Management, told Public Securities Daily: "Hong Kong’s stock market has remained strong this year, with better liquidity and improving valuations. Companies that have already listed in Hong Kong have seen positive market reactions on their debut days. Beyond fundraising, going public in Hong Kong also serves as a strategic move for A-share firms to ‘go global’ and advance their internationalization efforts. As an international financing platform, the HKEX can provide support for high-quality Chinese enterprises to expand overseas, and we expect it to become an increasingly important financing market for tech growth-oriented firms in the future."

（Source: Chinese Securities Journal ; Reporter: Liu Yang）