Hong Kong-Listed Firms Accelerate Return to A-Share Market as Hard-Tech Assets Favor "H+A" Model

Since the second half of this year, Hong Kong-listed companies' moves to return to the A-share market have continued to heat up. Lijin Resources (力勤资源) took the lead on September 30, while Zhipu, MiniMax, Yinggu Technology (云英谷科技), Jingfeng Medical (精锋医疗), Paradigm Intelligence (范式智能) and others are also advancing their A-share listing plans in an orderly manner. Industry insiders believe the return to the A-share market is a rational capital operation adopted by Hong Kong-listed companies based on factors such as their corporate structure, technology innovation attributes and profitability cycles. As coordination mechanisms between mainland and Hong Kong regulators improve and a multi-tiered capital market develops, the room for high-quality Hong Kong-listed assets to move northward is expected to widen further, potentially securing fairer domestic valuations and renminbi financing channels. (Shanghai Securities News)