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<Research>CICC: Wave of A-Shrs Listing on H-shr Mkt Continues; ~50 A-Shrs Plan to List in HK Subsequently; Potential Liquidity Demand Expected to Be Max. $180B
Recommend 87 Positive 116 Negative 71 |
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Since 2025, with the overall recovery of the Hong Kong stock market, many Chinese enterprises disclosed plans to list in Hong Kong, accelerating the trend of A-shares moving to H-shares, CICC published a research report saying. Recently, the listing of Chinese new energy leader CATL (03750.HK)'s H-shares boosted this wave to a climax, not only setting the highest IPO financing in the global market this year, but also causing H-shares to become more expensive than A-shares, a 'rare' phenomenon. Due to the supportive policy environment, increased market activity & combined effects, the company's business needs and investor structure since the listing of Midea's H-shares in September 2024, there have been 8 A-share companies listed in Hong Kong, with an IPO financing scale of $98.11 billion, and many of which are industry leaders such as Midea and CATL. According to the Securities and Futures Commission (SFC)'s filing information and disclosure of listed companies, there are still nearly 50 A-shares planning to list in Hong Kong, of which 23 have passed the filing or have submitted materials. Currently, among the 155 AH dual-listed companies, the vast majority are firms in the old economy sectors and central SOEs, such as CCB (00939.HK), PETROCHINA (00857.HK) and CHINA SHENHUA (01088.HK), etc.. In terms of quantity, central SOEs account for 96 of the total 155 companies, with a market value share exceeding 65%. Nearly 50 A-share companies planned to list in Hong Kong subsequently, with potential liquidity demand of $150 billion-$180 billion, CICC added. Since the beginning of this year, five companies, including CHIFENG GOLD (06693.HK), DRINDA (02865.HK), CATL, HENGRUI PHARMA (01276.HK) and JIHONG CO (02603.HK), completed dual listings of A-shares and H-shares, raising initial funds of $56 billion. AASTOCKS Financial News Website: www.aastocks.com |
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