A‑Share Firms Accelerating HKEX Filings as Electronics and Power Equipment Lead Submissions

On September 22, Tianqi Materials (33.500, 2.19, 6.99%) announced it has submitted an application to list H‑shares on the main board of the Hong Kong Stock Exchange. Since early September, a wave of A‑share companies including Beijing Junzheng (88.700, 4.60, 5.47%), Huaqin Technology (101.330, 2.82, 2.86%) and Ruoyuchen (43.820, -1.02, -2.27%) have likewise filed for Hong Kong listings.

Choice terminal data show that, through 2025, 59 A‑share issuers have lodged applications for Hong Kong IPOs, with the largest concentration coming from the electronics and power equipment sectors. Tang Zhehui, Co‑Lead Partner for Audit Services Market at Ernst & Young Greater China, told Shanghai Securities News that amid 2025’s global economic uncertainty, corporate strategies increasingly emphasize transformation and international expansion; listing in Hong Kong has therefore become a preferred route to broaden financing channels and support globalization efforts.

The applicant cohort spans multiple industries—pharmaceuticals, telecommunications, food and beverage, automotive and machinery among them—but electronics and power equipment companies account for the greatest share, totaling 27 firms. Market participants attribute this clustering to both investor interest in technology themes and regulatory facilitation. Technology narratives in early 2025 lifted investor appetite for semiconductors, consumer electronics and new‑energy plays, prompting many of these companies to seek overseas capital to support overseas growth and capital structure optimization. Regulatory reforms at the Hong Kong Exchange, including a dedicated tech listing pathway launched in May and amendments to Chapters 18A and 18C, have further eased the way for science‑and‑technology companies to list in Hong Kong.

Many applicants are sizeable industry leaders. In the electronics sector, companies such as Luxshare Precision (65.080, -0.62, -0.94%), Shenghong Technology (307.770, -6.23, -1.98%), Huaqin Technology, GigaDevice (204.540, 10.47, 5.39%), Montage Technology (137.770, 11.46, 9.07%) and OmniVision Group (150.320, 7.32, 5.12%) each report market capitalizations exceeding RMB 100 billion. Within power equipment, names including EVE Energy (75.880, 2.07, 2.80%), Tianqi Materials, Sunwoda (32.700, 0.65, 2.03%), Lead Intelligent (64.210, 0.91, 1.44%) and Wolong Electric (49.300, -3.49, -6.61%) show market values above RMB 50 billion. Additional large‑cap applicants such as Biocytogen (368.990, 3.48, 0.95%), Eastroc Beverage (290.000, 5.61, 1.97%), Seres (140.940, -1.06, -0.75%), Muyuan Foods (53.440, 0.22, 0.41%) and Sany Heavy Industry (22.080, 0.45, 2.08%) have also submitted Hong Kong filings, each with market capitalizations above RMB 100 billion.
Luxshare Precision, a consumer‑electronics leader with a market value exceeding RMB 470 billion, has indicated that proceeds will be allocated to expanding and upgrading existing production bases—particularly to scale automotive and consumer electronics capacity—bolstering R&D and smart manufacturing capabilities, and pursuing upstream and downstream strategic investments. 

Policy developments have supported the trend. In April 2024, the China Securities Regulatory Commission issued guidance endorsing mainland industry leaders’ pursuit of Hong Kong listings. Later that year, the Hong Kong Securities and Futures Commission and the Exchange introduced a “fast track” for compliant A‑share companies with projected market values above HKD 10 billion.

Tang notes that, as RMB internationalization progresses and Hong Kong liquidity improves, the A+H listing structure is becoming a standard option for leading Chinese corporates seeking cross‑border expansion. He observes that international long‑term investors are reallocating capital toward sector leaders with strong growth, profitability, cash flow and dividend profiles, and that only firms with genuine global competitiveness will sustain international investor support.

Prospectuses reveal that many issuers emphasize internationalization as a core strategic objective. Companies with global manufacturing advantages now aim not merely to export products but to establish factories, markets, service networks and infrastructure closer to end customers, a development that typically requires overseas capital to complete the industrial‑chain “going‑out” loop.

CHJ Jewellery (15.820, 0.39, 2.53%) illustrates this approach. The fashion‑jewelry leader filed for Hong Kong listing on September 14. Ranked first in the fashion‑jewelry segment by sales in 2024 (market share 1.4%), the company reported a 47% year‑on‑year increase in overseas revenue for the first half of 2025, despite foreign stores representing only 3% of its retail footprint. CHJ plans to use IPO proceeds to accelerate Southeast Asia expansion and establish a Hong Kong overseas headquarters, targeting 20 self‑operated overseas outlets by end‑2028 to form a “domestic base + international network” model.

Muyuan Foods, the world’s largest hog producer by volume according to Frost & Sullivan, also cites globalization as a primary rationale for a Hong Kong listing. The company’s stated international objectives include securing global feed sources, expanding overseas market coverage, building an international talent pool, establishing overseas industrial centers and partnering with local producers to enhance technical capabilities.

Listing in Hong Kong offers distinct advantages for companies pursuing global expansion. Tang explains that a Hong Kong listing can enhance brand influence and raise international recognition. He further highlights that the Hong Kong IPO market in 2025 has recovered markedly year‑on‑year, with financing volumes surging and ranking first globally.

Post‑listing performance for Hong Kong IPOs in the first half of the year has been the strongest since 2020. Hard‑technology, healthcare and consumer sector listings have delivered attractive returns for investors, while IPO liquidity has remained robust—average trading volumes one month after listing have stayed above 95% of initial levels, according to Tang.