Gathering to "Return to A" Strengthen industrial collaboration and improve financing efficiency

Securities Times reporter Wang Jun, Zhu Yong

Recently, Amoy Vaccines, a leading Hong Kong-listed vaccine company, issued an announcement saying it plans to apply for an A-share listing on the Beijing Stock Exchange. Under the relevant rules, the company’s domestic shares must first be listed on the National Equities Exchange and Quotations (NEEQ). If the process back to A-shares proceeds smoothly this time, Amoy Vaccines will become the first company to return from Hong Kong to list on the Beijing Stock Exchange.

Since mid-June last year, when the General Office of the CPC Central Committee and the State Council issued documents clarifying support for Hong Kong stock companies in the Guangdong-Hong Kong-Macao Greater Bay Area that meet the conditions to list on the Shenzhen Stock Exchange, and with the continued improvement of the Tech Innovation Board and the Growth Enterprise Market’s inclusiveness toward unprofitable biotech and hard-tech companies, Hong Kong-listed companies are now launching “back to A-shares” processes in a concentrated manner.

From BaiOngze Data, which has already landed on the Science and Technology Innovation Board, to Ying’en Biologics, Everbright Environment, Paradigm Intelligent, Yuejiang Technology, and others that have recently issued announcements to推进 “back to A-shares,” the “H to A” trend is expected to add more new demonstration cases. “A+H” is unfolding the story of a “two-way convergence.”

Leading segmented players in Hong Kong stocks

A-share listings are getting launched in batches

While a large number of A-share companies are “going south” to list in Hong Kong, more and more Hong Kong-listed companies are also choosing to “go north,” starting to build an “A+H” dual-capital platform layout.

Amoy Vaccines, which recently issued an announcement planning to apply for an A-share listing, is a leading company in the vaccine sector. According to the Hong Kong IPO prospectus and financial reports over the years, the company is China’s second-largest and the private sector’s largest full-chain vaccine group. At the same time, it ranks first globally in hepatitis B vaccines and second in rabies vaccines, and it is also in the domestic top tier in mRNA vaccine R&D.

This kind of leading-company “back to A-shares” is not a one-off case. Not long ago, Paradigm Intelligent, an AI (artificial intelligence) leader in Hong Kong stocks, disclosed that it has already obtained filing for tutoring and mentoring with the Beijing Securities Regulatory Bureau and plans to list on the Shenzhen Stock Exchange. Yuejiang Technology (300024), a leading collaborative robotics company, announced in March that it plans to list on the Growth Enterprise Market of the Shenzhen Stock Exchange and raise about RMB 1.2 billion, to be invested in core projects such as multi-legged robots and humanoid robots. Earlier this year, ZhiPu, which listed on the Hong Kong Exchange and has been dubbed the “first global large-model stock,” has also been simultaneously advancing A-share listing tutoring, moving toward an “A+H” architecture.

According to an incomplete count by Securities Times reporter, there are currently 10 Hong Kong-listed companies that have clearly submitted A-share IPO applications or initiated A-share listing tutoring, including Liqin Resources, Everbright Environment, Ying’en Biologics, Xinjiang Xinxin Mining, Jinkins Communications, China Biopharmaceutical, Beijing Automotive, Xunzhong Communications, and so on, covering multiple sectors such as biopharmaceuticals, high-end manufacturing, environmental protection, resources, and communications.

In addition to direct IPOs, M&A restructuring has also become an important path for Hong Kong assets to “return to A-shares.” In January this year, China Hongqiao, a Hong Kong-listed company, successfully achieved a strategic “return to A-shares” by injecting its core aluminum assets into Hongchuang Holdings (002379) on the A-share market, providing the industry with a replicable “curve-back to A-shares” sample.

Three driving forces

Driving the “back to A-shares” boom

In mid-June last year, the General Office of the CPC Central Committee and the State Council issued documents that clarified support for Hong Kong stock companies in the Guangdong-Hong Kong-Macao Greater Bay Area that meet the requirements to list on the Shenzhen Stock Exchange. In addition, the inclusiveness of the Science and Technology Innovation Board and the Growth Enterprise Market has improved, opening up the “back to A-shares” channel for unprofitable biopharmaceutical and hard-tech companies. The combined effect of system reforms and policy dividends undoubtedly provides stronger policy support and broader development space for Hong Kong-listed companies to “return to A-shares.”

Besides policy and institutional dividends, Liu Youhua, research director at Paipaiwang Wealth, told Securities Times reporter that this round of “back to A-shares” enthusiasm among Hong Kong stocks has two other important driving forces: first, A-share liquidity and valuations are more attractive—there is clear valuation premium in tracks such as hard tech and biopharmaceuticals; local investors have higher recognition, and financing efficiency is higher. Second, “back to A-shares” helps strengthen local industrial coordination, making it easier for companies to connect with mainland supply chains, market and policy resources, and enhancing brand influence. “‘Hong Kong listing and A-share amplification’ is becoming an increasingly smooth capital path,” Liu Youhua said.

Among them, the most direct driving force is still the valuation gap. He JInlong, general manager of Youmei Li Investment, told Securities Times reporter frankly: “A-shares are driven by both ‘institutions + retail investors.’ Overall trading activity and liquidity premium are significantly higher than those of Hong Kong stocks. For local tracks such as technology, pharma, and new energy, A-share valuations are typically 30%—60% higher than Hong Kong stocks.”

This gap is especially evident in companies that have already “returned to A-shares.” BaiOngze Data, which listed on the Science and Technology Innovation Board in December 2025, saw its A-share stock price rise more than twofold from its issue price, and it carries a premium of more than 90% versus Hong Kong stocks. Wind data shows that, as of March 31, for multiple “A+H” stocks such as Guolian Minsheng, Semiconductor Manufacturing International Corporation, and China International Capital Corporation, the A-share-to-H-share premium rates are all not less than 100%.

Yuan Mei, research and investment director of Sullivan Jieliy (Shenzhen) Cloud Technology Co., Ltd., also believes that Hong Kong-listed companies have already passed listing review and can operate in continued compliance on the Hong Kong Exchange, which gives the market greater trust. After meeting the conditions, the “back to A-shares” process tends to be relatively faster. Also, domestic shareholders can flexibly choose to trade in two markets, which is more favorable for realizing equity value.

However, some private fund practitioners told Securities Times reporter that some shares of certain “back to A-shares” companies are still in a lock-up period. The true share-price and liquidity performance may only be reflected more objectively after the lock-up is lifted. Ultimately, the companies’ valuations still need to match the market environment and the degree to which fundamentals are realized.

Performance and valuation

The biggest risk point

Although the dividends from “back to A-shares” are significant, this path is not smooth sailing. Securities Times reporter noted that companies such as Jinkins Communications, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communications have all previously announced the termination of “back to A-shares” listing tutoring. The reasons given are mostly changes in market conditions, adjustments to capital-market rules, and adjustments to the company’s development strategy. In He Jinlong’s view, such termination of tutoring is not failure; it is companies’ rational “braking,” a cautious choice made when market conditions, performance, valuation, and strategy do not align. There is still a possibility of restarting the process in the future.

So, in this round of “back to A-shares” boom, what is the biggest risk point that companies face? Wen Tinnan, General Manager of International Administration at Hong Kong BoDa Capital, told Securities Times reporter directly: first, performance falling short of expectations; second, valuation pullbacks. He further analyzed that most “back to A-shares” companies are in expansion or transformation phases, with high R&D spending and large capital expenditures. If the macro environment fluctuates, clinical progress falls short of expectations, technological implementation is delayed, or demand in the industry chain weakens, the difficulty of realizing profits will increase significantly, directly impacting valuation and the ability to refinance—especially critical for unprofitable biopharmaceutical and robotics companies. As for the valuation pullback risk, it comes more from pressures on the supply side. If “back to A-shares” companies list in a concentrated manner in the short term, it may create liquidity dilution in certain segments; overvalued targets are more likely to be affected by market sentiment.

Liu Youhua also said that “back to A-shares” means companies have to bear higher compliance costs. Facing stricter performance expectations and fiercer market competition, companies must make prudent decisions in light of their own development stage.

Amid the wave of “back to A-shares,” one of the market’s biggest concerns is: does the A-share market have sufficient capacity to absorb supply, and will it trigger overall valuation convergence? Based on the views of multiple interviewees, the A-share market’s overall capacity to absorb is sufficient, and it is likely to present a pattern where structural opportunities outweigh systemic pressures.

On the one hand, the A-share market has a large pool of funds. In this round, many “back to A-shares” companies are industry leaders or are in tracks supported by policies, making them easier to attract long-term allocation capital. On the other hand, historical experience shows that quality companies that “return to A-shares” often drive a re-rating of segment valuations, rather than suppressing them across the board.

Wen Tinnan analyzed that currently, the A-share versus H-share valuation premium index is at a relatively low level, and the valuation gap is moving toward rational convergence. The valuation pressure that could truly arise mainly involves companies whose fundamentals are not solid enough and whose high valuations are associated with unprofitable businesses. Meanwhile, leading companies that align with policy, have clear tracks, and fit the direction, still have relatively strong valuation resilience.

For the future pattern of A+H listings in both locations, interviewees generally believe that the two markets will move toward deeper integration while maintaining differentiated positioning, forming a complementary and win-win ecosystem. Deep integration is reflected in policy continuously promoting interconnection and mutual access between the two markets, and making listing filings more convenient. Companies can leverage Hong Kong’s internationalized window and A-share’s domestic capital and policy resources to achieve coordinated financing across dual platforms. The valuation premium between A-shares and H-shares will also gradually move toward more reasonable levels.

As for differentiation, it will persist in the long term. “Hong Kong stocks will continue to keep the characteristics of international capital, flexible listing tools, and global pricing; A-shares will focus more on the structure of domestic investors, support for hard tech, policy direction, and long-term value investing,” Wen Tinnan said. For companies, “back to A-shares” is not the final goal—how to leverage the dual platforms to achieve coordinated upgrades in technology, industries, and capital is the long-term value.

(Editor-in-charge: Dong Pingping)

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