"A+H" stock craze continues! In December, a total of 27 A-share listed companies are planning to go public in Hong Kong, with CPO leader Suzhou TFC Optical Communication among them.

The trend of A-share companies going public in Hong Kong continues. According to incomplete statistics from Caixin, as of the time of publication, a total of 27 A-share listed companies announced their plans to go public in Hong Kong in December, including Giantec Semiconductor Corporation, Guangdong Topstar Technology, Zhejiang Rongtai Electric Material, Changzhou Xingyu Automotive Lighting Systems, Jiangsu Xinquan Automotive Trim, Ugreen Group Limited, Dize Pharmaceutical, Shida Shinghwa Advanced Material Group, Bethel Automotive Safety Systems, Changzhou Fusion New Material, Acrobiosystems, Frbrigade, COL Group Co., Ltd., Sieyuan Electric, ABT Networks, Guangzhou Great Power Energy and Technology, Shouyao Holdings, Suzhou TFC Optical Communication, Shenzhen Capchem Technology, Shenzhen Salubris Pharmaceuticals, Yifang Biology, Hand Enterprise Solutions, Youcare Pharmaceutical Group, Easy Click Worldwide Network Technology, Beijing GeoEnviron Engineering & Technology, Inc., GH SHIPPING, and Ningbo Tuopu Group, detailed information can be seen in the figure below: Among them, Suzhou TFC Optical Communication is the leading company in the CPO concept, Guangdong Topstar Technology, Zhejiang Rongtai Electric Material, Changzhou Xingyu Automotive Lighting Systems, Bethel Automotive Safety Systems, and Ningbo Tuopu Group are all human-shaped Siasun Robot & Automation concept stocks. Suzhou TFC Optical Communication, a leading manufacturer of optical devices and advanced optoelectronic packaging services, announced on December 12 that the board of directors had approved the initiation of preparatory work for the overseas issuance of shares (H shares) and listing on the Hong Kong Stock Exchange on December 12, 2025. This is aimed at promoting the company's international strategy and global layout, creating an international capital operation platform, meeting the needs of global customers, and helping the company achieve high-quality development. The company plans to consult with relevant intermediary institutions on the specific progress of this H-share listing, and details of the H-share listing have not been finalized. Analyst Zhang Liangwei from Soochow stated in a research report on November 2 that the demand for AI computing power continues to rise, and the explosion of multi-card interconnection drives the demand for optical communication. In the inference scenario, based on a comprehensive consideration of TCO, user experience, and model capability, the demand for larger-scale scale-up computing power nodes is being generated, and optical interconnection is expected to gradually be applied in scale-up scenarios, with a doubling of demand. Suzhou TFC Optical Communication, as a global leading manufacturer of active + passive optical devices, is expected to benefit significantly from this industry trend. In the secondary market, the stock price of Suzhou TFC Optical Communication has cumulatively increased by 498% since its low point in April. The "chain leader" enterprise in the industrial Siasun Robot & Automation chain in Guangdong Province, Guangdong Topstar Technology, announced on December 30 that the board of directors had approved the issuance of H-shares and listing on the Main Board of the Hong Kong Stock Exchange to achieve sustainable development, enhance internationalization level, accelerate overseas business development, improve comprehensive competitiveness and international brand image. The company will be transformed into a foreign-share limited company, and the board of directors and its authorized personnel will be fully authorized to handle matters related to the issuance and listing of H-shares. Analyst Zhao Xudong from Guoyuan Securities stated in a research report on June 24 that Guangdong Topstar Technology is deeply cultivating the industrial Siasun Robot & Automation, five-axis CNC machine tools, and actively participating in the smart vehicle industry, collaborating with Huawei to launch the intelligent Siasun Robot & Automation control platform based on Kunpeng + openEuler. The company is currently undergoing a transitional period as project-based business contracts, and its growth potential is promising. Zhejiang Rongtai Electric Material, which mainly produces high-temperature insulation mica products, announced on December 30 that in order to deepen its international strategic layout, improve its overseas production capacity layout, enhance its brand's international influence, and actively broaden its diversified financing channels through the international capital market to help the company achieve high-quality development, the company plans to issue overseas listed shares (H shares) and apply for listing on the Main Board of the Hong Kong Stock Exchange. Prior to this, on December 26, Zhejiang Rongtai Electric Material announced that the company and Suzhou Veichi Electric intend to jointly invest in establishing a joint venture company in Thailand, mainly engaged in the research and development and production of electromechanical integrated components, intelligent drive systems, and supporting products for the intelligent Siasun Robot & Automation market. Analyst Guosheng stated in a research report on December 29 that the screw delivery is steadily progressing, and the strategic layout of the Siasun Robot & Automation race track is clear. Zhejiang Rongtai Electric Material has acquired Dix Precision, Guangzhou Jinli Card Positioning Screw, gearboxes, and other products, and has cooperated with many leading Siasun Robot & Automation companies at home and abroad. The business is progressing smoothly. At the same time, the factory in Thailand is actively under construction and is expected to start production soon. The company's Siasun Robot & Automation business product development and production are progressing smoothly, and the strategic layout is clear, with a positive outlook on the growth potential of the Siasun Robot & Automation business. In the secondary market, Zhejiang Rongtai Electric Material hit a new high of 118.5 yuan per share on Wednesday, the highest since its low in April, with a cumulative increase of 319%. Changzhou Xingyu Automotive Lighting Systems, one of the country's leading automotive lighting assembly manufacturers and design solution providers, announced on December 30 that it plans to apply for the initial public offering of foreign shares (H shares) and list on the Hong Kong Stock Exchange. The board of directors has approved relevant resolutions, including the proposal to issue H-shares and list on the Hong Kong Stock Exchange, as well as the plan for the issuance of H-shares and listing. In addition, the board also approved resolutions related to the company's application to convert into an overseas fund-raising limited company and the use of proceeds from the issuance of H-shares. Analyst Tang Xuxia from Guosheng and others stated in a research report on November 1 that Changzhou Xingyu Automotive Lighting Systems has actively laid out business related to the Siasun Robot & Automation field. On October 10, Changzhou Xingyu Intelligent Siasun Robot & Automation Co., Ltd. was established with a registered capital of 100 million yuan. In addition, Xingyu's website has posted Siasun Robot & Automation recruitment positions, including Siasun Robot & Automation joint module experts, Siasun Robot & Automation development engineers, Siasun Robot & Automation visual algorithm technical experts, Siasun Robot & Automation structural engineers, and senior algorithm engineers. On October 16, Changzhou Xingyu Automotive Lighting Systems signed a strategic cooperation agreement with Jieka Corporation, and the two companies will leverage their long-term cooperative advantages in the areas of innovative intelligent Siasun Robot & Automation, smart manufacturing upgrades, and industrial chain coordination. Bethel Automotive Safety Systems, a leading company in the automotive brake field in China, announced on December 23 that the company is planning to issue overseas shares (H shares) and list on the Hong Kong Stock Exchange to deepen its international strategic layout, improve overseas production capacity layout, enhance the company's brand's international influence, and expand diversified financing channels through the international capital market to help the company achieve high-quality development. Details of the plan have yet to be finalized. Analyst Zhang Zhibang from Huaan and others stated in a research report on November 28 that Bethel Automotive Safety Systems is actively promoting the landing of key components of the human-shaped Siasun Robot & Automation, and has jointly established Zhejiang Benefon Transmission Technology Co., Ltd. with Zhejiang Jianzhuo Transmission Technology Co., Ltd., mainly focusing on the research and development and production of ball screws, miniature, planetary ball screws, and other products for the human-shaped Siasun Robot & Automation market. Ningbo Tuopu Group, which mainly engages in the research, production, and sale of automotive parts, announced on December 1 that in order to accelerate the internationalization strategy, improve overseas production capacity layout, strengthen global customer service capabilities, the company plans to issue overseas shares (H shares) and list on the Hong Kong Stock Exchange. Currently, details of the plan have yet to be finalized, and approval, approval, or filing by relevant regulatory authorities is required. This matter will need to be submitted for consideration by the company's board of directors and shareholders' meeting. Analyst Liu Hongchen from The Pacific Securities stated in a research report on December 30 that the human-shaped Siasun Robot & Automation is gaining momentum, and 2026 is the first year of blockbuster products. With Tesla's AI moment, Ningbo Tuopu Group is core beneficiary. The company has collaborated with major customers starting from linear actuators, moving on to the development of rotary actuators, and then developing agile motor products. The company is also actively deploying Siasun Robot & Automation body structural components, sensors, foot shock absorbers, electronic flexible skin, and has already sent samples to customers multiple times with rapid project progress. The company's liquid cooling business-related products include liquid cooling pumps, temperature-pressure sensors, various flow control valves, gas-liquid separators, liquid cooling diverters, and other products. It has already received orders exceeding 1.5 billion yuan. At the same time, the company has been connected with Huawei, A customers, NVIDIA, META, various enterprise customers, and data center providers.