Hong Kong-listed companies are rushing to initiate A-share listing plans. What are the driving factors behind this trend?

【Global Times Finance Comprehensive Report】Recently, listed company Aimei Biovaccines, which is traded on the Hong Kong Stock Exchange, released an announcement stating that it plans to apply to list on the Beijing Stock Exchange for an A-share listing. Under the relevant rules, its domestic shares must be listed on the National Equities Exchange and Quotations first.

In fact, while a large number of A-share companies go public in Hong Kong, more and more Hong Kong Stock Exchange companies are starting to build a “A+H” dual-capital platform. Besides Aimei Biovaccines, Hong Kong AI company Fano Intelligence disclosed earlier that it has already been filed for tutoring and guidance with the Beijing Securities Regulatory Bureau and plans to list on the Shenzhen Stock Exchange. In March, cooperative robotics company Yuejiang Technology announced that it plans to list on the Shenzhen Stock Exchange ChiNext, raising approximately 1.2 billion yuan, to invest in core projects such as quadruped robots and humanoid robots. Earlier this year, Zhipu, which listed on the Hong Kong Stock Exchange and has been hailed as the “world’s first global model stock,” is also simultaneously advancing A-share listing guidance.

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Besides direct IPOs, M&A restructuring has also become an important path for Hong Kong-listed assets to “return to A shares.” In January, Hong Kong-listed China Hongqiao achieved a “return to A shares” by injecting its core aluminum industry assets into A-share Hongchuang Holding, successfully realizing the move and providing the industry with a replicable “curve” sample of a “return to A shares.”

It is worth noting that in June last year, the General Office of the CPC Central Committee and the General Office of the State Council issued documents clarifying support for Hong Kong Stock Exchange companies in the Guangdong-Hong Kong-Macao Greater Bay Area that meet the relevant conditions to list on the Shenzhen Stock Exchange. In addition, increased inclusiveness on the STAR Market and ChiNext has opened up “return to A shares” channels for unprofitable biopharmaceutical companies and hard-technology enterprises. The combination of institutional reforms and policy dividends undoubtedly provides more solid policy support and broader development space for Hong Kong companies to “return to A shares.”

Moreover, in the view of industry insiders, the emergence of the current boom in Hong Kong “return to A shares” is driven by two major factors: first, A-share liquidity and valuations are more attractive. There is a clear premium in such tracks as hard technology and biopharmaceuticals; local investors have a higher level of awareness and recognition, and financing efficiency is better. Second, “return to A shares” helps strengthen local industrial coordination, making it easier for companies to connect with Mainland supply chains, market resources, and policy resources, and enhancing brand influence.

Among them, the most direct driving force still lies in the valuation gap. This gap is especially evident among companies that have already “returned to A shares.” BaiOsa Science, which listed on the STAR Market in December 2025, saw its A-share price rise more than 2 times compared with its issue price, and it traded at a premium of more than 90% versus the Hong Kong shares. According to Wind data, as of March 31, for multiple “A+H” shares such as China International Capital Corporation and Semiconductor Manufacturing International Corporation, the premium rates of their A-shares over their H-shares are all no less than 100% (Nanmu)