In the first three quarters of this year, Hong Kong stock market welcomed 66 new IPO listings, with cumulative fundraising of approximately HK$182.9 billion, already exceeding twice the total amount raised in 2024. As Hong Kong IPO fundraising ranks among the world's top performers, the A+H dual listing model is experiencing a highlight moment in its new upward cycle.

According to statistics, as of October 10, 2025, a total of 11 companies have achieved "A+H" dual listings, nearly four times the number from last year. Additionally, 74 A-share companies are currently queuing for Hong Kong listings. Notably, this capital migration is revealing a new landscape: nearly 80% of queuing companies have market values exceeding HK$20 billion, with head effects becoming increasingly prominent.

Driven by supportive policies and market recovery, the A+H structure has become a strategic choice for companies to connect global resources and respond to industry competition.

**A+H Related Policies**

**Listing Thresholds and Processes: Regulatory Relaxation Unleashes Access Vitality**

The Hong Kong Stock Exchange's new regulations effective August 2025 became a key breakthrough point—adjusting the "A+H" issuer initial public shareholding threshold to a dual standard of "10% ratio or HK$3 billion market value." This flexible adjustment breaks the previous single ratio requirement limitations: smaller market value companies can issue according to the 10% ratio, while companies with fundraising scales reaching HK$3 billion can have relaxed ratio restrictions, significantly lowering listing thresholds for leading companies like CATL.

Process optimization works simultaneously: After the Hong Kong Stock Exchange launched the FINI settlement platform in 2024, it further committed to completing reviews within 30 days for "qualified A-share listed companies" with market values exceeding HK$10 billion. The "Tech Express Lane" launched in May 2025 allows specialized technology and biotechnology companies to submit confidential applications, protecting business secrets while shortening approval cycles to three months.

The China Securities Regulatory Commission's "5 Hong Kong Cooperation Measures" released in April 2024 focuses efforts from the mainland side, accelerating filing review speeds for companies pursuing A-first-then-H listings.

**Regulatory Collaboration: Cross-Market Coordination Mechanism Formation**

Deepened coordination between regulatory authorities on both sides has become the policy core: The Hong Kong Securities and Futures Commission and Hong Kong Stock Exchange's "Tech Express Lane" specifically adapts to technology-intensive enterprise needs, providing pre-listing guidance for characteristics of long R&D cycles and sensitive information disclosure, echoing mainland's Science and Technology Innovation Board and ChiNext registration system reforms.

Addressing enterprise compliance pain points, policies clearly support diversified listing structures: The Hong Kong Stock Exchange allows companies retaining VIE structures to list, providing risk-avoidance options for sensitive industry companies in semiconductors and artificial intelligence. The China Securities Regulatory Commission's overseas listing filing management system further simplifies processes based on 2023 foundations, achieving dual guarantees of "filing acceleration + transparent supervision."

**A+H Listed Company Situation**

2025 has become the "acceleration year" for A+H listing waves. Statistics show that since 2010, the total number of dual-market listed companies has reached 82. This year's A+H companies reached 11, an increase of 8 from 2024, with fundraising scales rising simultaneously. Notably, CATL leads with HK$35.6 billion in fundraising, setting this year's A+H company Hong Kong fundraising record.

A+H company listing numbers show significant annual fluctuations. 2015 reached 14 companies, the highest number of A+H listings in any year. 2025 has seen 11 companies achieve dual listing mode so far, potentially exceeding 2015's numbers.

During the medium term (2016-2024), besides maintaining certain numbers in 2016 (7 companies), 2018, and 2020 (5 companies each), 2017 and 2023 fell into low points, while 2021 (2 companies) and 2022 (4 companies) remained at relatively stable levels. This also demonstrates that A+H dual listing pace is influenced by multiple factors including market environment, policy orientation, and corporate financing needs.

The 11 companies achieving dual platform listings in 2025 are: Sicc Company, Lens Technology, Fortior, Anjoy, Sanhua Intelligent Controls, Haitian Flavouring, Jinhong, Hengrui Medicine, CATL, Junda, and Chifeng Jilong Gold Mining.

The 11 companies achieving A+H dual platform listings in 2025 cover core sectors including new energy, pharmaceutical biology, consumption, and high-end manufacturing, bringing multiple impacts. Industry benchmarks represented by CATL (global new energy innovation leader), Hengrui Medicine (innovative drug leader), and Haitian Flavouring (condiment giant) leverage their leading positions and stable profitability to significantly enhance Hong Kong stock market's attractiveness to quality assets.

On the other hand, companies like Sanhua Intelligent Controls (frontier enterprise in thermal management and robotics) and Lens Technology (intelligent terminal precision manufacturing solution provider) strengthen technology and industrial coordination through dual listings, driving integration and upgrading of industrial chains in new energy vehicles, high-end manufacturing, and emerging industries.

The 11 companies inject diverse vitality into Hong Kong stocks, with increasingly close A-share and Hong Kong stock capital linkage, accelerating Chinese companies' internationalization process and global resource allocation efficiency.

**A+H Queue Company Situation**

Currently, the Hong Kong Stock Exchange has a total of 286 queuing companies, with 280 in "processing" status and 6 in "passed hearing" status. Among these 286 companies seeking Hong Kong listings, 74 are A-share companies. Of these, 73 remain under processing, with 1 having passed hearing (Gtanlink).

Notably, among these 74 A-share companies seeking Hong Kong listings, nearly 80% exceed HK$20 billion market value, with multiple companies being trillion-level market value leaders, including Luxshare Precision, Muyuan Foods, Seres, Shengyi Technology, Eastroc Beverage, and Sany Heavy Industry, among others.