The pace of A-share companies going public in Hong Kong is accelerating. According to Wind data, as of October 13th, 11 A-share companies have completed the "A+H" listing this year, second only to 15 in 2015 and 13 in 1997. In addition, since October alone, four A-share companies including Sany Heavy Industry Co., Ltd., Shanghai Cambridge Technology Co., Ltd., Shenzhen Guanghetong Wireless Co., Ltd., and Serys Group Co., Ltd. have passed their H-share listing hearings and are about to join the "A+H" market. Sullivan's Executive Director for Greater China, Zhou Mingzi, stated in an interview with reporters that going public in Hong Kong can help companies build an "A+H" dual financing platform, achieve coordinated development between domestic and overseas markets, better integrate global resources, accelerate internationalization processes, and enhance the company's position in the global industrial chain. According to Wind data, as of October 13th, there are 273 listed companies in the "processing" status of Hong Kong IPO projects, covering a wide range of industries such as construction machinery, pharmaceuticals, consumer goods, securities firms, semiconductors, etc., including leading A-share companies such as Sunshine Power Co., Ltd. and Dongpeng Beverage (Group) Co., Ltd. Among them, pharmaceutical companies are particularly active. After Jiangsu Hengrui Pharmaceutical Co., Ltd. (hereinafter referred to as "Hengrui Pharmaceutical") went public in Hong Kong in May this year, many pharmaceutical companies such as Sinovac Biotech Co., Ltd., Shiyao Innovation Pharmaceutical Co., Ltd., and Borui Biopharmaceutical (Suzhou) Co., Ltd. are also actively promoting the process of going public in Hong Kong. Semiconductor companies are also enthusiastic. Multiple industry chain companies, including Lanqi Technology Co., Ltd. and Hefei Jinghe Integrated Circuit Co., Ltd., have submitted applications. Chen Ge, Co Head of Global Investment Banking at UBS Securities, told reporters: "Listing in the Hong Kong market will help A-share companies develop their global business, provide support for the company's internationalization strategy, and effectively enhance the company's competitiveness and voice in international strategic cooperation or acquisitions by increasing market recognition worldwide. In addition, the equity incentive plan of Hong Kong stocks is more market-oriented, which helps the company attract more international talents. ”Multiple factors are driving the intensive listing of A-share companies in Hong Kong, which is the result of multiple factors such as policy support and improved market liquidity. In terms of policies, the Hong Kong Stock Exchange continues to optimize its listing rules to attract high-quality A-share companies to list in Hong Kong. Following the establishment of a fast track review channel for A-share companies with a market value of over HKD 10 billion, in August of this year, the Hong Kong Stock Exchange further relaxed the public shareholding restrictions for "A+H" companies, requiring them to meet either the "expected market value of HKD 3 billion" or the "10% public shareholding", instead of the original dual requirement. This adjustment not only reduces compliance difficulties but also retains necessary regulatory flexibility, making international financing more flexible. ”Fan Xingcheng, Senior Partner of Dacheng Law Firm, stated that the "A+H" dual listing mechanism requires companies to comply with different regulatory systems in both places, which not only increases the complexity of compliance operations but also increases the compliance costs for companies. Companies planning to list in Hong Kong should systematically learn the operating rules of the Hong Kong market, establish a full process compliance control mechanism, and continuously improve compliance management efficiency, laying a solid institutional foundation for cross-border capital operations. In terms of the market, since the beginning of the year, the cumulative equity financing of Hong Kong stocks has reached approximately HKD 435.073 billion, a year-on-year increase of 262.79%. Southbound funds have also injected more liquidity into the Hong Kong stock market, enhancing market vitality. As of the close on October 13th, the cumulative increase of the Hang Seng Index and the Hang Seng Technology Index for the year was 29.06% and 37.54%, respectively. According to data from the official website of the Hong Kong Stock Exchange, the total market value of the Hong Kong securities market at the end of September 2025 was HKD 49.9 trillion, an increase of 35% compared to the same period last year. The convergence of the AH stock premium index also provides opportunities for A-share companies to go public in Hong Kong. According to Wind data, as of the close on October 13th, the Hang Seng AH premium index was 118.33, at a low level in nearly a year. At the same time, some companies have achieved higher valuations in the Hong Kong stock market, such as CATL's H-share with a premium of 7.4% on the first day of listing, and H-share performance is better than A-shares. It is worth noting that foreign institutions lock in high-quality assets in advance through IPO cornerstone investors in the international long-term capital rush. For example, when 11 A-share companies including CATL, Hengrui Pharmaceutical, and Lansi Technology went public in Hong Kong, they were all heavily sought after by international long-term funds, with figures such as BlackRock, UBS, Morgan Stanley, and Kuwait Investment Authority frequently appearing. The actions of cornerstone investors are also quite generous. For example, Zijin Gold International Limited introduced 29 cornerstone investors during its IPO phase, with a total subscription amount of approximately HKD 12.47 billion. Zhejiang Sanhua Intelligent Control Co., Ltd. has introduced 18 cornerstone investors with a total subscription amount of approximately 562 million US dollars. Hong Kong stocks have abundant IPO reserve resources. According to Wind data, as of October 13th, a total of 350 companies have submitted applications for listing this year, far exceeding the total of 115 companies for the whole of last year. Among them, A-share companies listed in Hong Kong have attracted much attention. Ren Shaowen, the managing partner of Deloitte China Capital Market Services' listing business in North and West China, told reporters: "A large amount of foreign investment continues to flow into Hong Kong, greatly promoting the trading of the Hong Kong stock market, and the valuation of the Hong Kong stock market continues to rise. Coupled with policies encouraging mainland leading enterprises to list in Hong Kong and simplifying the application process for A-share listed companies, super large and large-scale new stock projects will once again gather in the Hong Kong new stock market. ”(New Society)