According to the CITIC Securities Research Report, a large number of A-share listed companies began seeking A+H listings in the fourth quarter of 2024, and the trend is increasing. The total number and market capitalization of companies that disclosed their Hong Kong stock listing plans in a single month in April 2025 alone surpassed the first quarter of 2025. The Hong Kong stock issuance trend of A-share companies is expected to occur in the second half of 2025. From the disclosure of the listing until the official IPO, the company's stock price may have lackluster performance due to the tightening of foreign exchanges. Along with the gradual release of positive information after the Hong Kong stock IPO, stock prices and expectations may rise simultaneously. From a fundamental perspective, while H share discounts have significantly increased the relative dividend returns of high-performing companies, the subsequent convergence of discount rates has also provided room for return; in addition, leading companies to be listed in both A+H in this batch are highly scarce in Hong Kong stocks and even overseas capital markets. From a chip perspective, the liquidity and valuation of Hong Kong stocks have continued to improve since September last year. At the same time, the tradable shares issued by A-share companies on the Hong Kong stock market are relatively limited. Combined with the valuation premium brought about by the Hong Kong Stock Exchange, high-quality A-share assets are more likely to trigger a rush to raise funds when Hong Kong stocks are issued. It is recommended to focus on the phased opportunities for the revaluation of A-share assets and Hong Kong stocks brought about by the wave of A+H listings.

According to the CITIC Securities Research Report, a large number of A-share listed companies began seeking A+H listings in the fourth quarter of 2024, and the trend is increasing. The total number and market capitalization of companies that disclosed their Hong Kong stock listing plans in a single month in April 2025 alone surpassed the first quarter of 2025. The wave of Hong Kong stock issuance by A-share companies is expected to occur in the second half of 2025. From the disclosure of the listing until the official IPO, the company's stock price may have lackluster performance due to the tightening of foreign exchanges. Along with the gradual release of positive information after the Hong Kong stock IPO, stock prices and expectations may rise simultaneously. From a fundamental perspective, while H share discounts have significantly increased the relative dividend returns of high-performing companies, the subsequent convergence of discount rates has also provided room for return; in addition, leading companies to be listed in both A+H in this batch are highly scarce in Hong Kong stocks and even overseas capital markets. From a chip perspective, the liquidity and valuation of Hong Kong stocks have continued to improve since September last year. At the same time, the tradable shares issued by A-share companies on the Hong Kong stock market are relatively limited. Combined with the valuation premium brought about by the Hong Kong Stock Exchange, high-quality A-share assets are more likely to trigger a rush to raise funds when Hong Kong stocks are issued. It is recommended to focus on the phased opportunities for the revaluation of A-share assets and Hong Kong stocks brought about by the wave of A+H listings.