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

Securities Times reporter Wang Jun, Zhu Yong

Recently, Hong Kong-listed vaccine leader Aimee Vaccine announced that it plans to apply for A-share listing on the Beijing Stock Exchange. According to relevant regulations, the company’s domestic shares must first be listed on the New Third Board (NEEQ). If this backdoor process to return to A-shares proceeds smoothly, Aimee Vaccine will become the first Hong Kong-listed company to list on the Beijing Stock Exchange after returning to A-shares.

Since mid-June last year, the CPC General Office and the State Council issued documents explicitly supporting eligible Hong Kong-listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange. Coupled with the continuous enhancement of the Science and Technology Innovation Board and ChiNext’s inclusiveness for unprofitable biopharmaceutical and hard-tech enterprises, Hong Kong companies are actively initiating the “return to A-shares” process.

From BaiOsaic Tu, which has already listed on the Science and Technology Innovation Board, to recent announcements by Ying En Biotech, Everbright Environment, Paradigm Intelligent, Yuejiang Technology, and others, promoting their “return to A-shares,” the “H-share to A-share” model is expected to add more demonstration cases. The “A+H” dual-market approach is unfolding a “mutual pursuit in both directions.”

Hong Kong sector leaders

A surge in A-share listings

While many A-share companies are “going south” to Hong Kong for listings, an increasing number of Hong Kong-listed companies are choosing to “go north,” establishing a dual-capital platform layout of “A+H.”

Aimee Vaccine, which recently announced its application to the A-shares market, is a leading enterprise in the vaccine sector. According to its Hong Kong IPO prospectus and annual financial reports, it is China’s second-largest and the top private-sector full-chain vaccine group. It ranks first globally in hepatitis B vaccines and second in rabies vaccines, and is also among the top domestic players in mRNA vaccine R&D.

Such a leading company returning to A-shares is not an isolated case. Paradigm Intelligent, a Hong Kong AI (artificial intelligence) leader, recently disclosed that it has received guidance and filing approval from the Beijing Securities Regulatory Bureau and plans to list on the Shenzhen Stock Exchange. Yuejiang Technology, a leader in collaborative robotics, announced in March that it plans to list on the ChiNext, raising about RMB 1.2 billion to fund core projects such as multi-legged robots and humanoid robots. Earlier this year, ZhiPu, listed on the Hong Kong Stock Exchange and dubbed the “world’s first large-model stock,” is also advancing its A-share listing process, moving toward an “A+H” structure.

According to incomplete statistics by Securities Times reporter, currently 10 Hong Kong-listed companies have explicitly submitted A-share IPO applications or started listing guidance, including Liqin Resources, Everbright Environment, Ying En Biotech, Xinjiang Xinxin Mining, Natsun Communications, China Biopharmaceutical, Beijing Automotive, Xunzhong Communications, and others, covering sectors such as biopharmaceuticals, high-end manufacturing, environmental protection, resources, and communications.

In addition to direct IPOs, mergers and acquisitions are also important pathways for Hong Kong assets to “return to A-shares.” In January, China Hongqiao, a Hong Kong-listed company, successfully achieved a strategic “return to A-shares” by injecting its core aluminum assets into A-share Hongchuang Holdings, providing a replicable “curve-style return to A-shares” model for the industry.

Three main drivers

Fuel the “return to A-shares” wave

Last June, the CPC General Office and the State Council issued documents explicitly supporting qualified Hong Kong companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange. Additionally, the increasing inclusiveness of the Science and Technology Innovation Board and ChiNext has opened channels for unprofitable biopharmaceutical and hard-tech companies to return to A-shares. The combined effect of institutional reforms and policy benefits has undoubtedly strengthened policy support and expanded development space for Hong Kong companies returning to A-shares.

Besides policy and institutional advantages, Liu Youhua, Director of Pingpingwang Wealth Research, told Securities Times that two key factors are driving this round of Hong Kong “return to A-shares”: first, A-shares have more attractive liquidity and valuations, with significant premiums in sectors like hard tech and biopharmaceuticals; domestic investors have higher awareness, and financing efficiency is better; second, returning to A-shares helps strengthen domestic industry collaboration, facilitating companies’ connection with mainland supply chains, markets, and policy resources, thereby enhancing brand influence. “The ‘Hong Kong listing, A-shares expansion’ is becoming an increasingly smooth capital pathway,” Liu Youhua said.

The most direct driver remains the valuation gap. He Jinlong, General Manager of Youmeili Investments, told Securities Times directly: “A-shares are driven by both institutional and retail investors—overall trading activity and liquidity premiums are significantly higher than in Hong Kong. For domestic sectors like technology, pharmaceuticals, and new energy, A-shares are usually valued 30%–60% higher than Hong Kong stocks.”

This gap is especially evident among companies that have already “returned to A-shares.” BaiOsaic Tu, listed on the Science and Technology Innovation Board in December 2025, saw its A-share price more than double from the issue price, with a premium over Hong Kong shares exceeding 90%. Wind data shows that as of March 31, several “A+H” stocks such as Guolian Minsheng, SMIC, and Jinfong International have A-share premiums over H-shares of no less than 100%.

Yuan Mei, Director of Investment Research at Sullivan Jieli (Shenzhen) Cloud Technology Co., Ltd., also believes that Hong Kong companies that have passed the listing review and continue to operate compliantly after listing on the Hong Kong Stock Exchange enjoy higher market trust. Once they meet the conditions, the “return to A-shares” process tends to be faster. Additionally, domestic shareholders can flexibly choose to trade on both markets, which is more conducive to realizing equity value.

However, some private equity practitioners told Securities Times that for some “return to A-shares” companies, their shares may still be under lock-up periods. The true reflection of share prices and liquidity may only become more objective after lock-up periods expire, and the final valuation of the company still needs to align with market conditions and fundamental realization.

Performance and valuation

are the biggest risks

Despite the significant benefits of “returning to A-shares,” the path is not without obstacles. Securities Times reporter noted that companies such as Natsun Communications, China Biopharmaceutical, Beijing Automotive, and Xunzhong Communications have announced termination of their “return to A-shares” guidance. The reasons cited include changes in market environment, adjustments to capital market rules, and strategic shifts. He Jinlong views these terminations not as failures but as rational “brakes”—prudent choices when market conditions, performance, valuation, and strategy are misaligned. Reinitiation remains possible in the future.

So, what are the main risks faced by companies in this wave of “return to A-shares”? Wen Tiannan, CEO of Hong Kong Bocai Capital International, told Securities Times directly: first, underperformance relative to expectations; second, valuation correction. He further explained that most “return to A-shares” companies are in expansion or transformation phases, with high R&D and capital expenditure. If macroeconomic fluctuations occur, clinical progress falls short, technological deployment is delayed, or industry demand weakens, profitability realization will become more difficult—directly impacting valuation and refinancing capacity. This is especially critical for unprofitable biopharmaceutical and robotics firms. The risk of valuation correction is more related to supply-side pressures. If many companies list in a short period, liquidity in certain sectors may be diluted, and high-valuation targets could be more susceptible to market sentiment.

Liu Youhua also noted that “returning to A-shares” entails higher compliance costs. Facing stricter performance expectations and intensified market competition, companies must make cautious decisions based on their development stage.

With the wave of “return to A-shares,” one of the most concerned issues is whether A-shares have sufficient capacity to absorb these listings without triggering overall valuation convergence. Multiple interviewees believe that A-shares’ capacity is ample, and the overall pattern will likely favor structural opportunities over systemic pressures.

On one hand, A-shares have a large capital pool. Many of this wave’s “return to A-shares” companies are industry leaders or policy-supported sector targets, which tend to attract long-term institutional investment. On the other hand, historical experience shows that high-quality companies returning to A-shares often lead to sector valuation re-ratings rather than broad market suppression.

Wen Tiannan analyzed that the current A-shares vs. H-shares premium index is at a relatively low level, and the valuation gap is moving toward rational convergence. The main risks are for targets with weak fundamentals and high valuations that are unprofitable; meanwhile, leading companies aligned with policies and clear sectors still possess strong valuation resilience.

Regarding the future “A+H” listing landscape, most interviewees believe that the two markets will deepen their integration while maintaining distinct positioning, forming a mutually beneficial ecosystem. Deep integration will be driven by policies promoting connectivity and easier listing procedures, enabling companies to leverage Hong Kong’s international platform and A-shares’ local resources for coordinated dual-market financing. The valuation premium gap will gradually become more reasonable.

Meanwhile, differentiation will persist long-term. “Hong Kong will continue to maintain its features of international capital, flexible listing tools, and global pricing; A-shares will focus on domestic investor structures, support for hard tech, policy guidance, and long-term value investing,” Wen Tiannan said. For companies, “returning to A-shares” is not the ultimate goal; the key is how to leverage both platforms for technological, industrial, and capital synergy to create long-term value.