Hong Kong-listed companies cluster around "Returning to A" to strengthen industrial collaboration and improve financing efficiency

Securities Times reporter Wang Junzhuoyong

Recently, Aimee Vaccine, a Hong Kong-listed vaccine industry leader, issued an announcement saying it plans to apply for an A-share listing on the Beijing Stock Exchange. According to relevant rules, the company’s domestic shares must first be listed on the National Equities Exchange and Quotations (NEEQ). If this “A-share return” to the market proceeds smoothly, Aimee Vaccine will become the first Hong Kong stock to list on the Beijing Stock Exchange.

Since last June, when the General Office of the CPC Central Committee and the State Council issued documents clearly supporting Hong Kong-listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area that meet the conditions to list on the Shenzhen Stock Exchange, and coupled with the continued improvement of the Sci-Tech Innovation Board and the ChiNext Board’s inclusiveness toward loss-making biotech and hard-tech enterprises, Hong Kong stock companies have been launching the “A-share return” process in a concentrated manner.

From BaiO, which has already landed on the Sci-Tech Innovation Board, to Ying’en Biotech, Everbright Environment, Paradigm Smart, and Yuejiang Technology, among others, which have recently issued announcements advancing the “A-share return,” “H-share return” could add more new demonstration cases, and “A+H” is unfolding a “two-way convergence.”

Hong Kong stock sub-sector leaders

A-share listings are getting started in a cluster

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

Aimee Vaccine, which recently announced its plan 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 first all-industry-chain vaccine group; it is also the world’s No. 1 for hepatitis B vaccine and No. 2 for rabies vaccine, and it is among the domestic first-tier players in mRNA vaccine R&D.

This kind of leading-company “A-share return” is not a one-off. Paradigm Smart, a Hong Kong AI leader, recently disclosed that it has already obtained a filing for instructor guidance with the Beijing Securities Regulatory Bureau and plans to list on the Shenzhen Stock Exchange. Yuejiang Technology, a leading collaborative robotics company, announced in March that it plans to list on the Shenzhen ChiNext Board and raise about RMB 1.2 billion to invest in core projects such as multi-legged robots and humanoid robots. Earlier this year, ZhiPu, which listed on the Hong Kong Stock Exchange and is hailed as the “No. 1 global large-model stock,” is also advancing A-share listing guidance at the same time, 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 listing guidance, including Liqin Resources, Everbright Environment, Ying’en Biotech, Xinjiang Xinxin Mining, Jinqi Telecom, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communication, among others. They cover multiple sectors including biotech and biopharma, high-end manufacturing, environmental protection, resources, and communications.

In addition to direct IPOs, M&A restructurings have 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 “A-share return” by injecting its core aluminum assets into Hongchuang Holdings in the A-share market, providing a “curve-style A-share return” sample that can be replicated for the industry.

Three driving forces

Powering the “A-share return” boom

In mid-June last year, the General Office of the CPC Central Committee and the State Council issued documents that clearly supported eligible Hong Kong-listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange. In addition, as the Sci-Tech Innovation Board and ChiNext Board increase their inclusiveness, the “A-share return” channels for loss-making biotech and hard-tech enterprises have been opened. The combined effect of institutional reforms and policy tailwinds undoubtedly provides Hong Kong stock companies with stronger policy support and broader development space for “A-share return.”

In addition to policy and institutional tailwinds, Liu Youhua, general director of research at PaiPaiWang Wealth, told Securities Times reporter that there are also two key driving forces behind this round of “A-share return” enthusiasm among Hong Kong stocks: first, A-share liquidity and valuations are more attractive, and there is a clear premium in sectors such as hard tech and biopharma. Local investors have a higher level of awareness, and financing efficiency is better; second, “A-share return” helps strengthen domestic industrial coordination, making it easier for companies to connect with mainland supply chains, market and policy resources, and enhancing brand influence. “‘Hong Kong listings, with A-share amplification’ is becoming an increasingly smooth capital path.” Liu Youhua said.

Among them, the most intuitive driving force is still the valuation gap. He Jinlong, general manager of U.S. Meili Investments, told Securities Times reporter frankly: “A-shares are driven by both institutions and retail investors; overall trading activity and liquidity premium are significantly higher than in Hong Kong stocks. For local sectors such as technology, pharmaceuticals, 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.” BaiO, which listed on the Sci-Tech Innovation Board in December 2025, saw its A-share stock price rise more than twofold from the issue price, and its premium over Hong Kong stocks exceeded 90%. Wind data shows that as of March 31, for multiple “A+H” stocks such as Guolian Minsheng, Semiconductor Manufacturing International Corporation (SMIC), and CITIC Securities, the A-share premium rate over their H-shares is all no less than 100%.

Yuan Mei, research and investment director of Sullivan Jieliy (Shenzhen) Cloud Technology Co., Ltd., also believes that Hong Kong stock companies have already passed listing review by the Hong Kong Stock Exchange and maintain compliant operations continuously, with higher market trust. After meeting the requirements, the “A-share return” process is relatively faster. Moreover, domestic shareholders can flexibly choose to trade shares in the two markets, which is more conducive to realizing equity value.

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

Performance and valuation

are the biggest risk points

Although “A-share return” benefits are significant, this path is not smooth sailing. Securities Times reporter noticed that companies including Jinqi Telecom, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communication have all announced the termination of “A-share return” listing guidance. The reasons given mostly include changes in market environment, adjustments to capital market rules, and adjustments to company development strategies. In He Jinlong’s view, such termination of guidance is not a failure; rather, it is a rational “brake” by the company. It is a cautious choice when the market environment, performance, valuation, and strategy are not a match. There may still be possibilities to restart in the future.

So, in this wave of “A-share return,” what is the biggest risk point facing companies? Wen Tianna, executive president of Hong Kong BoDa Capital International, told Securities Times reporter directly: one is performance falling short of expectations, and two is a valuation pullback. She further analyzed that most “A-share return” companies are in an expansion or transformation stage. They have high R&D spending and large capital expenditures. If macro conditions fluctuate, clinical progress falls short of expectations, technology commercialization is delayed, or demand along the industry chain weakens, the difficulty of realizing profitability will increase significantly, directly impacting valuation and the ability to raise additional financing. This is especially critical for loss-making biopharma and robotics companies. As for valuation pullback risk, it comes more from pressure on the supply side. If “A-share return” companies concentrate their listings in the short term, it may dilute liquidity in certain sub-sectors. Overvalued targets are more likely to be affected by market sentiment.

Liu Youhua also said that “A-share return” means companies must shoulder higher compliance costs. Faced with stricter performance expectations and fiercer market competition, companies must make prudent decisions based on their own development stage.

Amid a dense wave of “A-share return,” one of the most important questions the market cares about is: Does the A-share market have sufficient capacity to absorb these listings, and will it trigger overall valuation convergence? Based on the views of multiple interviewees, the overall capacity of the A-share market to absorb is sufficient, and it is likely to show a pattern where structural opportunities outweigh systematic pressures.

On the one hand, the A-share market has a large pool of funds, and most companies in this round of “A-share return” are sector leaders or targets in sectors supported by policies, which are easier to attract long-term allocation capital. On the other hand, historical experience shows that for quality companies, “A-share return” often leads to a re-rating of sector valuations, rather than a broad-based sell-off.

Wen Tianna analyzed that the current A-share vs. H-share valuation premium index is already at a relatively low level, and the valuation gap is moving toward rational convergence. The main factors that could face valuation pressure are targets whose fundamentals are not solid enough and high-valued loss-making companies. For leading companies whose strategy aligns with policies and whose sector is clear, they still have strong valuation resilience.

Regarding the future “A+H” listing landscape in both places, interviewees generally believe that the two markets will move toward deeper integration, while maintaining differentiated positioning, forming a complementary and mutually beneficial ecosystem. Deep integration is reflected in continued policy support for interconnection between the two markets, and more convenient listing filing for filings. Companies can leverage the internationalization window of Hong Kong stocks and the domestic capital and policy resources of A-shares to achieve coordinated dual-platform financing. The A-share vs. H-share valuation premium will also gradually become more reasonable.

And differentiation will exist for the long term. “Hong Kong stocks will continue to maintain the characteristics of international capital, flexible listing instruments, and global pricing. A-shares will focus on the structure of domestic investors, support for hard tech, policy orientation, and long-term value investing.” Wen Tianna said. For companies, “A-share return” is not the final goal; how to use the two platforms to coordinate upgrades of technology, industry, and capital is where long-term value lies.

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