A-share companies heading for listing in Hong Kong have strong momentum, with 16 companies currently submitting applications and 17 companies announcing.

Ryan Capital issued a statement stating that it is becoming a trend for A-share listed companies to seek listing in Hong Kong. Since ZTE Corporation (00763) became the first A-share listed company to list in Hong Kong on October 9, 2004, as of March 31, 2025, a total of 48 A-share listed companies have issued H-shares for listing in Hong Kong. In particular, since the listing reform in Hong Kong on April 30, 2018, a total of 19 A-share companies (including 2 introduction listings not involving financing) have achieved listing in Hong Kong, with a total IPO financing of approximately HK$143.7 billion, accounting for 2.3% of the total number of companies listed in Hong Kong since the listing reform (827 companies) and 9.2% of the total IPO funds raised (approximately HK$1.5622 trillion). In October 2024, the Hong Kong Securities and Futures Commission and the Stock Exchange jointly issued a statement announcing plans to optimize the timetable for new listing applications, including accelerating the approval process for qualified A-share companies, in order to further enhance Hong Kong's attractiveness as a leading international IPO fundraising market in the region. Since then, a wave of A-share companies announcing plans to list in Hong Kong has emerged. Since 2024, as of March 31, 2025, at least 33 A-share companies have been preparing for A+H listings. 1. A-share companies listed in Hong Kong in 2025 (1 company) As of March 31, 2025, only 1 A-share company has been listed in Hong Kong in 2025, raising HK$26.76 million, accounting for 5.9% of the total number of companies listed this year (17 companies) and 16% of the total IPO funds raised of HK$170.86 million. In the past years of 2024, 2023, and 2022, 3, 1, and 4 A-share companies were listed in Hong Kong, accounting for 4.2%, 1.4%, and 4.4% of the respective annual total number of listings. In the past years of 2024, 2023, and 2022, A-share companies listed in Hong Kong raised HK$42.047 billion, HK$10.98 billion, and HK$36.087 billion, accounting for 48.1%, 2.4%, and 34.5% of the total IPO funds raised in the respective years. 2. A-share listed companies that have submitted applications in Hong Kong (16 companies) Currently, 16 A-share listed companies have submitted applications for listing in Hong Kong, including: Lens Technology(300433.SZ), Shenzhen Longsys Electronics(301308.SZ), Wuxi Lead Intelligent Equipment(300450.SZ), Sicc Co., Ltd.(688234.SH), Contemporary Amperex Technology(300750.SZ), Balitien Heng(688506.SH), Anji Foods Group(603345.SH), Ningbo Joyson Electronic Corp.(600699.SH), Zhejiang Sanhua Intelligent Controls(002050.SZ), Fortior Technology(Shenzhen)Co.,(688279.SH), Foshan Haitian Flavouring and Food(603288.SH), Mywe Life Science(688062.SH), Jiangsu Hengrui Pharmaceuticals(600276.SH), Hainan Drinda New Energy Technology(002865.SZ), Xiamen Jihong Package Technology(002803.SZ), BHGB(833575.BJ). Among them, 13 A-share companies have submitted applications to the Hong Kong Exchanges and Clearing Limited (HKEX) in 2025, with 12 of them submitting applications to HKEX for the first time. According to the new regulations, for qualified A-share listed companies, HKEX and the Hong Kong Securities and Futures Commission will complete regulatory assessments within no more than 30 business days, taking into account the time required for the applicant to respond and the time required for approval by the China Securities Regulatory Commission. It is expected that more A-share listed companies will list in Hong Kong in the second quarter of 2025. 3. A-share listed companies that have announced plans to list in Hong Kong (17 companies) As of March 31, 2025, there are 17 A-share listed companies that have not yet submitted applications to Hong Kong, but have formally announced plans to list in Hong Kong: Chongqing Sokon Industry Group Stock(601127.SH), Yusys Technologies(300674.SZ), Three Squirrels Inc.(300783.SZ), Suzhou Novosense Microelectronics(688052.SH), ENN Natural Gas(600803.SH), Fibocom Wireless Inc.(300638.SZ), Unisplendour Corporation(000938.SZ), Eastroc Beverage(605499.SH), JA Solar Technology(002459.SZ), Sany Heavy Industry(600031.SH), JoulWatt Technology(688141.SH), CNGR Advanced Material(300919.SZ), GEM Co.,Ltd.(002340.SZ), Nanhua Futures(603093.SH), Hehui Optoelectronics(688538.SH), Cig Shanghai(...603083.SH)Chengxin Lithium Group(002240.SZ)The impact of Hong Kong's optimization of the new stock listing application approval system is gradually becoming apparent. 4. Rumored A-share companies listed in Hong Kong (3 companies) In addition, there are rumors in the market that A-share listed companies such as Guangzhou Shiyuan Electronic Technology (002841.SZ), Muyuan Foods (002714.SZ), and Shanghai Yuyuan Tourist Mart (600655.SH) are planning to go for a secondary listing in Hong Kong. 5. Several A-share companies split subsidiaries for Hong Kong listing In addition to directly choosing an H-share listing, some A-share listed companies are splitting subsidiaries for listing in Hong Kong. Iflytek Co., Ltd. (002230.SZ) split XUNFEIHEALTH (02506) and successfully listed in Hong Kong on December 30, 2024; Shandong Nanshan Aluminium (600219.SH) split Shandong Nanshan Aluminium International (02610) and successfully listed in Hong Kong on March 25, 2025; Goertek Inc. (002241.SZ) split Goer Microelectronics for listing in Hong Kong and has submitted the application to the Hong Kong Stock Exchange; Noblelift Intelligent Equipment (603611.SH) has announced plans to split Zhongding Intelligent for listing in Hong Kong.