A-share companies have strong listing momentum in Hong Kong. Currently, 16 companies have submitted forms and 17 announcements

The Zhitong Finance App learned that Ryan Capital published an article stating that it is becoming a trend for A-share listed companies to go public in Hong Kong. Since ZTE (00763) was the first A-share listed company to be listed in Hong Kong on October 9, 2004, 48 A-share listed companies have issued H shares for listing in Hong Kong as of March 31, 2025. In particular, since Hong Kong's listing reform on April 30, 2018, a total of 19 A-share companies (2 of which introduced listing and did not involve financing) have achieved a total of HK$143.7 billion in Hong Kong listings and IPO financing, accounting for 2.3% of the total number of listed companies in Hong Kong since the listing reform (827 companies) and 9.2% of the total IPO capital raised (approximately HK$1,562.2 billion), respectively.

In October 2024, the Hong Kong Securities Regulatory Commission and the Stock Exchange issued a joint statement announcing that they will optimize the IPO application approval process schedule, including speeding up the approval process for eligible A-share companies to further enhance the appeal of Hong Kong as a leading international IPO market in the region. Since then, a number of A-share companies have announced their intention to list in Hong Kong.

Since 2024, as of March 31, 2025, at least 33 A-share companies have sprinted to A+H listing.

I. A-share companies listed in Hong Kong in 2025 (1 company)

As of March 31, 2025, only 1 A-share company was listed in Hong Kong in 2025 and raised HK$26.76, respectively, accounting for 5.9% of the 17 listed companies this year, and 16% of the total amount of HK$17.086 billion raised during the IPO.

In the past year of 2024, 2023, and 2022, the number of A-share companies listed in Hong Kong was 3, 1, and 4, respectively, accounting for 4.2%, 1.4%, and 4.4% of the total number of listings in the corresponding year.

In the past 2024, 2023, and 2022, A-share companies raised HK$42,047 billion, HK$1,098 billion, and HK$36.087 billion respectively, accounting for 48.1%, 2.4% and 34.5% of the total IPO capital raised in the corresponding year.

II. A-share listed companies that have submitted listings in Hong Kong (16 companies)

Currently, 16 A-share listed companies have submitted forms and applied for listing in Hong Kong. They are as follows:

Lansi Technology (300433.SZ), Jiang Bolong (301308.SZ), Pilot Intelligence (300450.SZ), Tianyue Advanced (688234.SH), Ningde Era (300750.SZ), Baili Tianheng (688506.SH), Yasui Foods (603345.SH), Junsheng Electronics (), Sanhua Intelligent Control (002050.SZ), Fengyi Technology (Dubai), Haitian Flavors (), Maiwei Biotechnology () 600699.SH 688279.SH 603288.SH 688062.SH , Hengrui Pharmaceutical (600276.SH), Junda Co., Ltd. (002865.SZ), Jihong Co., Ltd. (002803.SZ), Recreation Guard (833575.BJ).

Among them, 13 A-share companies submitted statements to the Hong Kong Stock Exchange in 2025. Of these, 12 were the first to submit statements to the Hong Kong Stock Exchange.

According to the new regulations, for eligible A-share listed companies, the Hong Kong Stock Exchange and the Hong Kong Securities Regulatory Commission will complete the regulatory assessment within no more than 30 business days. Combined with the time required for applicants to respond to supervision and the filing time of the China Securities Regulatory Commission, it is expected that more A-share listed companies will come to fruition in the second quarter of 2025.

3. A-share companies that have announced their intention to be listed in Hong Kong (17 companies)

As of March 31, 2025, there are 17 A-share listed companies not including those that have submitted a list in Hong Kong and officially announced their intention to be listed in Hong Kong:

Cyrus (601127.SH), Yuxin Technology (300674.SZ), Three Squirrels (300783.SZ), Nanxinwei (688052.SH), Xinao (600803.SH), Guanghetong (300638.SZ), Ziguang (000938.SZ), Dongpeng Drinks (), Jingao Technology (002459.SZ), Sany Heavy Industries (Dubai), Jiewalt (Sichuan), Zhongwei (300919.SZ), Green 605499.SH 600031.SH 688141.SH US (002340.SZ), Nanhua Futures (603093.SH), Hehui Optoelectronics (688538.SH), Cambridge Technology (603083.SH), Shengxin Lithium (002240.SZ).

It can be seen that the impact of Hong Kong's optimization of the IPO application review and approval system is gradually showing.

4. A-share companies rumored to be listed in Hong Kong (3 companies)

In addition, there are rumors in the market that A-share listed companies such as Shiyuan Shares (002841.SZ), Muyuan Shares (002714.SZ), and Yuyuan Shares (600655.SH) are planning to go public in Hong Kong for the second time.

5. A number of A-share companies' spin-off subsidiaries are listed in Hong Kong

In addition to directly selecting H shares for listing, there are also some A-share listed companies that split their subsidiaries and listed in Hong Kong.

iFLYTEK (002230.SZ) spun off iFLYTEC (02506) and successfully listed in Hong Kong on December 30, 2024;

Nanshan Aluminum (600219.SH) spun off Nanshan Aluminum International (02610) and successfully listed in Hong Kong on March 25, 2025;

Goertek shares (002241.SZ), which spin-off Goertek Microelectronics are listed in Hong Kong and have been listed on the Hong Kong Stock Exchange;

Nuoli Co., Ltd. (603611.SH) has announced that it intends to split Zhongding Smart and go public in Hong Kong.