Hong Kong-listed companies flock to "return to A"！

Recently, AIM Vaccines, a leading vaccine company in Hong Kong stocks, issued an announcement stating that it plans to apply to list on the National Equities Exchange and Quotations (NEEQ). In accordance with the relevant rules, the company’s domestic shares must first be listed on the NEEQ. If this “A-share return” to the A-share market proceeds smoothly, AIM Vaccines will become the first Hong Kong stock to “return to the NEEQ” and list on the A-share market.

Since mid-June of last year, when the General Office of the CPC Central Committee and the General Office of the State Council issued documents clearly supporting eligible Hong Kong stocks of enterprises in the Guangdong–Hong Kong–Macao Greater Bay Area to list on the Shenzhen Stock Exchange, together with the continuous improvement of the inclusiveness of the STAR Market and the ChiNext for unprofitable biopharmaceutical and hard-technology enterprises, Hong Kong stock companies have been launching the “A-share return” process in large numbers.

From Baidao Saitu, which has already listed on the STAR Market, to MappingGene Biotechnology, Everbright Environment, Paradigm Intelligent, and Yuejiang Technology, among others, which have recently issued announcements advancing the “A-share return,” the “H-share return” is expected to add more new demonstration cases. “A+H” is playing out a “mutual pursuit in both directions.”

Leading Hong Kong stock subsector giants cluster to launch A-share listings

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

AIM Vaccines, announced recently as planning to apply for a listing on the A-share market, is a leading enterprise in the vaccine sector. According to the company’s Hong Kong stock prospectus and financial reports from past years, it is China’s second-largest and the first privately held full-industry-chain vaccine group. At the same time, it ranks first globally in hepatitis B vaccines and second in rabies vaccines, and it is also among the domestic top tier in mRNA vaccine R&D.

Such a “return to the A-share market” by a leading company is not an isolated case. Not long ago, Paradigm Intelligent, a leading AI (artificial intelligence) company in Hong Kong stocks, disclosed that it had obtained an instructor-and-record filing from the Beijing Securities Regulatory Bureau and plans to list on the Shenzhen Stock Exchange. Yuejiang Technology (300024), a leading collaborative robot company, announced in March that it plans to list on the ChiNext of the Shenzhen Stock Exchange, raising about 1.2 billion yuan, to be invested in core projects such as quadruped robots and humanoid robots. Early this year, ZhiPu, which listed on the Hong Kong Stock Exchange and has been hailed as the “No. 1 global large-model stock,” is also simultaneously advancing A-share listing tutoring, moving toward an “A+H” structure.

According to an incomplete count by Securities Times reporter, there are currently 10 Hong Kong stock companies that have clearly submitted IPO application documents for the A-share market or have initiated listing tutoring, including Liqin Resources, Everbright Environment, MappingGene Biotechnology, Xinjiang Xinxin Mining Industry, Beijing KingSun Communications, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communications, among others. They cover 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 stock assets to “return to the A-share market.” In January of this year, China Hongqiao, a Hong Kong stock company, successfully achieved the strategic “return to the A-share market” by injecting its core aluminum business assets into A-share Hongchuang Holdings (002379), providing the industry with a replicable sample of a “curve return to the A-share market.”

Three driving forces power the “return to A-share” boom

In mid-June last year, the General Office of the CPC Central Committee and the General Office of the State Council issued documents clarifying support for eligible Hong Kong stock enterprises in the Guangdong–Hong Kong–Macao Greater Bay Area to list on the Shenzhen Stock Exchange. In addition, with the increased inclusiveness of the STAR Market and ChiNext, the “A-share return” channels for unprofitable biopharmaceutical and hard-technology enterprises have been opened. The combined effect of institutional reforms and policy dividends undoubtedly provides stronger policy backing and broader development space for Hong Kong stock companies to “return to the A-share market.”

Besides policy and institutional dividends, Liu Youhua, Research Director of Paipaiwang Wealth, told Securities Times reporter that this round of “A-share return” upsurge in Hong Kong stocks has also been driven by two key forces: first, A-share liquidity and valuations are more attractive, with clear premiums for sectors such as hard technology and biopharmaceuticals; local investors have a higher level of awareness and thus better financing efficiency; second, “A-share return” helps strengthen local industrial synergy, making it easier for companies to connect with mainland supply chains, markets, and policy resources, and to enhance brand influence. “ ‘Hong Kong stock listing, with A-share amplifying it’ is becoming a smoother and smoother capital path,” Liu Youhua said.

Among these, the most intuitive driving force is still the valuation gap. 贺金龙, General Manager of Youmeili Investments, said bluntly to Securities Times reporter: “A shares are driven by a dual-engine model of institutions plus retail investors. Overall trading activity and liquidity premiums are significantly higher than in Hong Kong. For local sectors such as technology, pharmaceuticals, and new energy, A-share valuations are typically 30%—60% higher than those of Hong Kong.”

This gap is especially evident in companies that have already “returned to A-shares.” Baidao Saitu, which listed on the STAR Market in December 2025, saw its A-share stock price rise more than 2 times versus its issue price; the premium versus Hong Kong shares exceeds 90%. Wind data shows that, as of March 31, multiple “A+H” stocks such as Guolian Minsheng, Semiconductor Manufacturing International Corporation, and CICC all have A-share premium rates versus H shares that are no less than 100%.

Yuan Mei, Research and Investment Planning Director at Sullivan Jieliyi (Shenzhen) Cloud Technology Co., Ltd., also believes that Hong Kong stock companies have already passed listing review and run in compliance continuously through the Hong Kong Stock Exchange; they have higher market trust. After meeting conditions, the “A-share return” process is relatively faster, and domestic shareholders can flexibly choose liquidity across two markets, which is more favorable for realizing equity value.

However, some private fund practitioners told Securities Times reporter that the shares of certain “A-share return” companies are still in a lock-up period. The actual stock price and liquidity performance may only be reflected more objectively after the lock-up expires. Ultimately, the company’s valuation still needs to match the market environment and the degree to which fundamentals are delivered.

Performance and valuation are the biggest risk points

Although the “A-share return” dividend is significant, this path is not always smooth. Securities Times reporter noted that companies such as KingSun Communications, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communications have all announced the termination of their “A-share return” listing tutoring. The reasons given are mostly changes in market conditions, adjustments to capital market rules, and adjustments to corporate development strategy. In 贺金龙’s view, such termination of tutoring is not a failure, but a rational “braking” by the company—an prudent choice made when the market environment, performance, valuation, and strategy are not aligned. There is still a possibility of re-initiating in the future.

So, in this round of “A-share return” boom, what is the biggest risk point facing companies? Wen Tiannan, General Manager of Hong Kong BoDa Capital International, told Securities Times reporter directly: first, performance falls short of expectations; second, valuation declines. He further analyzed that most “A-share return” companies are in an expansion or transformation stage, with high R&D spending and large capital expenditures. Once there are fluctuations in the macro environment, clinical progress falls short of expectations, technology commercialization is delayed, or demand in the industrial chain weakens, the difficulty of realizing profits will increase significantly, directly impacting valuation and the ability to raise further financing. This is especially critical for unprofitable biopharmaceutical and robotics companies. As for valuation decline risk, it comes more from pressure on the supply side. If “A-share return” companies list in a concentrated way in the short term, it could dilute liquidity in certain local segments, and high-valuation targets may be more affected by market sentiment.

Liu Youhua also said that “return to A-shares” means companies have to bear higher compliance costs. Faced with stricter performance expectations and more intense market competition, companies must make prudent decisions based on their own development stage.

Amid the dense wave of “A-share return,” one of the questions the market cares about most is: does the A-share market have sufficient capacity to absorb the supply, and will it trigger overall valuation convergence? Based on the views of multiple interviewees, the A-share market’s overall absorption capacity is sufficient, and the market is more likely to show a pattern in which structural opportunities outweigh systemic pressures.

On the one hand, A-share funds are large in volume. In this round, many “A-share return” companies are sector leaders or targets in policy-supported sectors, which makes it easier to attract long-term allocation funds. On the other hand, historical experience shows that quality companies that “return to A-shares” often lead to a re-rating of sector valuations, rather than a comprehensive suppression.

Wen Tiannan analyzed that the current A-share versus H-share valuation premium index is at a relatively low level, and the valuation gap is moving toward rational convergence. The main issue that could face valuation pressure is that fundamentals are not solid enough and that high-valuation unprofitable targets exist. But for leading companies whose strategies align with policies and whose sectors are clear, they still have strong valuation resilience.

For the future “A+H” listing landscape, interviewees generally believe that the two markets will move toward deeper integration, while maintaining differentiated positioning to form a complementary and win-win ecosystem. Deep integration is reflected in continuous policy-driven efforts to improve interconnection and mutual access between the two markets and to make listing filings more convenient. Companies can leverage Hong Kong’s internationalization window and A-share’s domestic capital and policy resources to achieve coordinated financing across two platforms. The A-share versus H-share valuation premium will also gradually become more reasonable.

Meanwhile, differentiation will remain for the long term. “Hong Kong stocks will continue to maintain the characteristics of international capital, flexible listing tools, and global pricing. A-shares focus on the structure of domestic investors, support for hard technology, policy orientation, and long-term value investing.” Wen Tiannan said. For companies, “return to A-shares” is not the final goal. How to use dual platforms to achieve coordinated upgrades among technology, industry, and capital is the true long-term value.

(Editor: Zhang Yan)

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