What is the A+H Secondary Listing?

An A+H secondary listing refers to a company that has already listed on the A-shares market in China (Shanghai or Shenzhen), then conducts a secondary listing on the Hong Kong capital market (H-shares). This model allows the company to trade on both markets, retaining the funding support from the A-shares market while leveraging Hong Kong’s international platform to attract global investors. A+H listings offer companies more financing channels and help improve their valuation in the capital markets.

A-Share Industry Giants Flock to Hong Kong: Industry Leaders Lead the A+H Trend

In 2025, the wave of A-share companies listing in Hong Kong continued to gain momentum, with A+H dual listings becoming a key focus in the market. By mid-December, around 16 A-share listed companies had completed their listings on the Hong Kong Stock Exchange through the A+H model, a figure significantly higher than initial expectations, demonstrating the growing enthusiasm of mainland companies for utilizing the Hong Kong stock market as an international financing platform.

In terms of fundraising scale, the Hong Kong stock market has seen robust IPO and refinancing activities since 2025, with the total IPO funds raised consistently ranking among the top in major global exchanges. In this trend, the secondary listings of leading A-share companies have made a significant contribution, bringing more high-quality assets and capital flows to the Hong Kong market.

At the same time, the number of A-share companies queueing for a Hong Kong listing continues to grow. According to various market statistics, by mid-December, over 140 A-share companies or their spun-off businesses had announced plans to list in Hong Kong or to spin off subsidiaries for a Hong Kong listing. These companies span key industries such as electronics, pharmaceuticals, new energy, and consumer goods, highlighting the widespread appeal of the A+H model across multiple sectors.

The A+H listings of industry leaders such as CATL, Heng Rui Pharmaceutical, and Haitian Flavoring & Food have not only advanced their internationalization strategies but also increased their visibility in global capital markets, bringing more tech innovation and industry-leading companies to the Hong Kong market.

A+H Model Drives Hong Kong Stock Market's Industry Structure Optimization and Liquidity Enhancement

A+H secondary listings not only provide financing channels for companies but also have a profound impact on the Hong Kong stock market. As more and more A-share companies enter the Hong Kong market through this model, the industry structure of the Hong Kong market has been optimized, with more companies from fields like technology, electronics, and new energy. This significantly enhances the technological content of the Hong Kong stock market. This diversification trend provides investors with more choices and also brings healthier capital inflows to Hong Kong’s market.

Opportunities and Challenges for Investors

For investors, A+H secondary listings mean more choices and opportunities. Through the Hong Kong market, investors can more easily participate in the growth of domestic companies while benefiting from the internationalization advantages of the Hong Kong stock market, providing cross-border investment opportunities. However, A+H secondary listings also bring challenges, especially in accurately assessing market valuations and addressing the regulatory differences and market volatility between the two markets. While the A+H model can offer higher financing potential, it also comes with higher management demands, and balancing the needs of both markets will be an important challenge for companies in the future.

Future Outlook: The Trend of A-Share Companies Going Public in Hong Kong Will Continue to Grow

With the acceleration of the 2025 A-share companies going public in Hong Kong, the A+H secondary listing model is undoubtedly becoming a significant trend in the capital markets over the next few years. Especially in sectors such as technological innovation, high-end manufacturing, and green energy, an increasing number of Chinese companies are expected to adopt this model, with more successful cases emerging.

In 2025, as the global capital markets recover and China’s capital market continues to reform, the number of A-share companies going public in Hong Kong is expected to continue to grow, and the A+H model will become an important path for companies to cross both markets and achieve international development. For investors, this is a time full of opportunities and challenges, and choosing the right investment targets will be key in investment decision-making.