Hong Kong-listed companies accelerate their "return to A-shares," with hard-tech assets favoring the "H+A" model.

Since the second half of this year, Hong Kong-listed companies' "return to A-shares" has continued to heat up. Lygend Resources took the lead in "returning to A-shares" on September 30, while Zhipu, MINIMAX, Yunyinggu Technology, Jingfeng Medical, Paradigm Intelligence and others are also advancing their "return to A-shares" matters in an orderly manner. Industry insiders believe that "returning to A-shares" is a rational capital operation adopted by Hong Kong-listed companies based on factors such as their own structure, sci-tech innovation attributes, and profit cycles. With the improvement of the regulatory coordination mechanism between the mainland and Hong Kong and the development of a multi-tiered capital market, the space for high-quality Hong Kong assets to "go north" will be further broadened, and they are expected to obtain fairer local valuations and RMB financing channels.