On the evening of August 14, the China Securities Regulatory Commission disclosed the overseas listing filing notices for Shenzhen Transsion Holdings Co., Ltd. and Hunan Junxin Environmental Protection Co., Ltd. Wind data shows that the Hong Kong stock IPO progress for both companies is currently "under hearing." Additionally, A-share companies such as Shenzhen Longsys Electronics Co., Ltd., Shenzhen Biwin Storage Technology Co., Ltd., Beijing Shenogen Pharma Group Co., Ltd., and Shenzhen Autel Intelligent Technology Co., Ltd. have all submitted applications for Hong Kong listings.
Wind data indicates that as of August 16, a total of 32 A-share companies have successfully listed in Hong Kong this year, raising a combined HK$229.05 billion through IPOs. Both the number of listings and the total fundraising have already surpassed the full-year figures for 2025.
Looking closer, all 32 companies introduced cornerstone investors during their Hong Kong listings, with total cornerstone investments amounting to HK$99.97 billion. On average, each company brought in 16 cornerstone investors, with foreign institutions like UBS, BlackRock, Fidelity, JPMorgan Chase, and Temasek frequently appearing. Chen Ge, Co-Head of the Global Investment Banking Division at UBS Securities, stated, "International investors are increasingly favoring the Chinese market. Many high-quality A-share companies have already established industry recognition and global competitiveness, so long-term overseas capital from Europe, the US, and the Middle East is more actively participating in these companies' Hong Kong IPO projects."
Most Are Industry Leaders
The majority of these 32 companies are industry leaders, with 30 already included in the Stock Connect program after listing. By industry, over 70% come from the industrial and information technology sectors, with fundraising concentrated in areas like optical modules, consumer electronics, semiconductors, and advanced manufacturing. Companies such as Zhongji Innolight Co., Ltd. (hereinafter referred to as Zhongji Innolight), Luxshare Precision Industry Co., Ltd., and Victory Giant Technology (Huizhou) Co., Ltd. each raised over HK$20 billion in single IPOs. Consumer leaders like Muyuan Foodstuff Co., Ltd. and Eastroc Beverage (Group) Co., Ltd. also successfully listed in Hong Kong.
From the issuance side, these companies generally attracted a large number of cornerstone investors. Wind data shows that among the 32 companies, the median subscription ratio of cornerstone investors for individual stocks was 45%, with some nearing 50%. For example, Zhongji Innolight had a cornerstone subscription ratio of 49.99%, attracting 35 cornerstone investors, including global institutions like Wellington Management, JPMorgan Chase, and the Abu Dhabi Investment Authority. This indicates that these companies received strong support from cornerstone investors during the Hong Kong IPO stage, helping stabilize the issuance.
The overseas strategy team at Industrial Securities believes that A-share industry leaders listing in Hong Kong are attracting long-term capital, including global sovereign wealth funds, pension funds, and long-term hedge funds. As more industry leaders in high-end manufacturing, innovative pharmaceuticals, and premium consumer goods list in Hong Kong, the breadth and depth of overseas capital participation in Hong Kong IPOs are expected to increase.
Expanding Global Markets
According to the use of proceeds outlined in the prospectuses, the core objective of A-share companies listing in Hong Kong this year is not simply to expand financing scale but to build a dual-engine platform that connects international capital with overseas business expansion. The allocation of funds generally serves goals such as global market expansion, overseas capacity building, increased R&D investment, capacity upgrades, industrial mergers and acquisitions, and attracting long-term international investors.
For instance, Chaozhou Three-Circle (Group) Co., Ltd. clearly outlined overseas market expansion, overseas capacity construction, or global supply chain arrangements in its prospectus. Montage Technology Co., Ltd. (hereinafter referred to as Montage Technology) allocated about 70% of its raised funds to technology R&D. Companies like Lingyi iTech (Guangdong) Company and GigaDevice Semiconductor (Beijing) Inc. (hereinafter referred to as GigaDevice) have set aside a portion of funds for upstream and downstream integration or strategic investment acquisitions.
A-share industry leaders in biomedicine and artificial intelligence listing in Hong Kong are further optimizing the Hong Kong stock market's structure, significantly enhancing its influence and appeal to global capital. Wind data shows that a total of 202 A-share companies have listed in Hong Kong to date, spanning industries such as information technology, consumer staples, and healthcare. The number of A-share companies listing in Hong Kong this year far exceeds the 19 in full-year 2025 and 3 in full-year 2024.
As these A-share companies in Hong Kong gain increasing investor enthusiasm, as of the close on August 14, the H-share prices of seven companies had surpassed their corresponding A-share prices, including three that listed in Hong Kong this year: Zhongji Innolight, Montage Technology, and GigaDevice. "A-share listed companies with core frontier technologies and global leadership in their industries often see higher H-share pricing than A-share prices, reflecting a market revaluation of Chinese companies with strong globalization capabilities," said Tang Zhehui, Co-Leader of the Audit Services Market at EY Greater China.
Over 10 A-Share Companies Halt Plans
Amid the growing trend of A-share companies listing in Hong Kong, some have also chosen to press the pause button. Since the start of the year, over 10 A-share listed companies have announced termination of their Hong Kong listing plans. Why are companies choosing to shelve their Hong Kong listing plans? In most cases, these companies have voluntarily abandoned their H-share listing plans and instead turned to refinancing through the A-share market.
For example, after announcing the termination of its Hong Kong listing in February, Unisplendour Corporation Limited immediately launched a private placement plan on the A-share market worth up to 5.57 billion yuan. Hwatsing Technology Co., Ltd. also shifted to an A-share private placement after terminating its H-share plan in April, and both companies' private placement plans are still in progress. Some A-share companies announced the termination of their H-share listings after their "listing materials expired." The Hong Kong Stock Exchange stipulates that filing materials are valid for six months, and if the listing is not completed within that period, they automatically expire.
Other companies announced emergency termination of their H-share listings after passing the hearing. On June 22, Anhui Hwasun Biotechnology Co., Ltd. had just passed the Hong Kong Stock Exchange hearing. Just two days later, on June 24, the company announced that its actual controller, chairman, and general manager, Guo Henghua, had been criminally detained on suspicion of illegally absorbing public deposits, and the company simultaneously terminated its H-share issuance and listing.
An investment banking source from a foreign institution noted, "As more A-share companies express a strong willingness to list in Hong Kong, institutions will more carefully assess the necessity of each project this year. Some companies simply want to seize the financing window, but after filing, they may face material expiration or rejection due to queue congestion. Therefore, companies should conduct thorough evaluations before listing." Qi Menglin, Executive Partner at China Commercial Law Firm, stated, "Companies choosing overseas listings should adapt to the situation and act within their means. They must especially conduct a comprehensive assessment based on their own strategic goals, financial status, and stage of development."
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