Hong Kong Listed Companies’ Return To A Shares Heats Up As New “H To Shenzhen A” Case Emerges

On December 29, Shenzhen‑based Hong Kong‑listed robotics company Yuejiang announced plans to initiate an initial public offering of renminbi ordinary shares and to pursue a listing on the Shenzhen Stock Exchange.

The recent surge of Hong Kong issuers preparing to list on A‑share markets ranges from Bio‑SciTech, which has already debuted on the STAR Market, to InnoCare Biotech and China Everbright Environment, all of which have launched A‑share listing programs. Notably, both China Everbright Environment and Yuejiang are headquartered in the Guangdong‑Hong Kong‑Macao Greater Bay Area. As these companies advance their return‑to‑A processes, the emergence of “H to Shenzhen A” examples is expected to provide practical precedents and help refine the operational pathway for this channel.

Yuejiang is a leading developer, manufacturer and commercializer of collaborative robots and is an active participant at the forefront of the embodied‑intelligence robotics sector. Its products are applied across industrial manufacturing and surgical fields and are distributed in more than 100 countries and regions. According to filings, Yuejiang has engaged a pre‑IPO advisory firm and submitted registration for A‑share listing guidance.

Throughout the year, the trend of A‑share companies listing in Hong Kong has continued, and conversely, the momentum of Hong Kong issuers returning to the A‑share market has intensified. On December 10, Bio‑SciTech officially listed on the STAR Market, completing an A+H dual‑listing pathway after its 2022 debut on the Hong Kong Stock Exchange. InnoCare Biotech, which listed in Hong Kong in April, filed for STAR Market listing guidance in November and formally initiated its return‑to‑A process. China Everbright Environment, the world’s largest waste‑to‑energy investor and operator, announced in November plans to issue up to 800 million shares for a Shenzhen listing and formally began listing guidance on December 25.

Tian Lihui, Dean of the Institute of Financial Development at Nankai University, told Securities Times that the principal motivations for Hong Kong companies to return to A shares are to obtain valuations that better reflect fundamentals, to access deeper liquidity, and to align strategic positioning more closely with primary markets and customers. He noted that recently issued policies have clarified the pathway for Greater Bay Area enterprises seeking to return to A shares.

Since the start of the year, nineteen A‑share listed companies have successfully listed in Hong Kong, raising approximately HKD 140 billion, which represents nearly half of the year’s new‑issue fundraising on the Hong Kong market. The evolving dynamic from A‑share issuers listing in Hong Kong to Hong Kong companies returning to A shares has enriched the A+H listing ecosystem, offering firms more diversified financing options while strengthening the synergy between Hong Kong as an international financial center and mainland markets.

Tang Zhehui, Co‑Lead Partner for Audit Services Market at Ernst & Young Greater China, recommended that, drawing on the experience of A‑share companies listing in Hong Kong, the Hong Kong Stock Exchange consider a green‑channel review for companies meeting specified market‑cap thresholds, and that the Shenzhen Stock Exchange likewise offer an expedited channel for eligible issuers to shorten review cycles. He added that differences in disclosure requirements between the two markets could be addressed by making fuller use of existing information and carefully evaluating ways to reduce redundant A‑share IPO procedures to accelerate the listing process.