“A+H” Popularity Continues As Multiple A‑Share Companies Announce Hong Kong Listings At The Start Of The Year

At the outset of 2026, several A‑share listed companies, including Guangzhou Penghui Energy Technology Co., Ltd. (Penghui Energy) and Huizhou Desay SV Automotive Electronics Co., Ltd. (Desay SV), issued indicative notices that they are preparing to issue H‑shares and seek listings on the Main Board of the Hong Kong Exchanges and Clearing Limited. Wind data indicate that 19 A‑share issuers, among them Contemporary Amperex Technology Co., Ltd. (CATL), Seres Group Co., Ltd. and Shanghai Cambridge Technology Co., Ltd., completed Hong Kong listings in 2025, a 533% increase from three listings in 2024, raising a combined HKD 139.993 billion and accounting for more than half of new‑listing fundraising in the Hong Kong market.

Advancing International Strategic Layout - Market observers view the renewed momentum for the A+H model as likely to persist through 2026. Nankai University finance professor Tian Lihui told Securities Daily that continued cross‑pollination of investment philosophies and valuation frameworks between the mainland and Hong Kong, together with ongoing innovation in listing structures and deeper regulatory coordination, should improve the structural profile of the Hong Kong market and help quality issuers attract longer‑term capital.

Desay SV disclosed on the evening of January 6, 2026, that it is planning an H‑share issuance and Hong Kong listing to accelerate its international strategic deployment, enhance global brand influence, expand overseas operations and establish an international capital platform to support high‑quality development and competitiveness. Desay SV, a mobility technology company, maintains leading positions in smart cockpits, intelligent driving and connected services, and is actively deepening its global footprint and international supply‑chain capabilities.

Penghui Energy announced on January 5 that it intends to issue overseas listed foreign shares (H‑shares) and apply for a Main Board listing in Hong Kong to strengthen its global strategy, enhance competitiveness in international markets and improve overseas financing capacity. Penghui Energy’s product portfolio spans energy storage batteries, consumer batteries and power batteries, with sales distributed across more than 50 countries and regions.

A review by Securities Daily shows that other companies, including Zhejiang Chint Electrics Co., Ltd. and Inner Mongolia Xingye Yinxi Mining Co., Ltd., have also disclosed plans to pursue H‑share issuances and Hong Kong listings since the start of the year, while Huizhou Eve Energy Co., Ltd. has reported progress on its H‑share issuance and listing. Pangoal Institution senior researcher Yu Fenghui observed that the cohort of issuers covers sectors such as lithium batteries, photovoltaics, artificial intelligence and non‑ferrous metals, and includes industry leaders and hard‑technology firms that are proactively leveraging international capital platforms to advance globalization strategies.

Hong Kong Market Appeal Strengthens - Analysts attribute the A+H surge to multiple reinforcing factors. Qianhai Kaiyuan Fund chief economist Yang Delong told Securities Daily that the growing number of A+H cases reflects ongoing institutional advantages created by regulatory and market reforms; as listings increase, regulatory cooperation between the mainland and Hong Kong is expected to deepen, further consolidating the connectivity between the two capital markets. From a market perspective, liquidity in Hong Kong improved markedly in 2025, international capital returned, and the Hang Seng AH Premium Index narrowed, reducing concerns over valuation discounts. More fundamentally, companies see the Hong Kong platform as an integrated accelerator for capital, brand recognition and governance standards in their globalization efforts.

Professor Tian emphasized three practical benefits of the Hong Kong listing route. First, the market serves as a core offshore financing channel, enabling issuers to raise Hong Kong dollars or U.S. dollars that can be deployed directly for overseas capacity expansion, technology acquisitions and operations, as exemplified by CATL’s use of Hong Kong proceeds for overseas development. Second, listing in Hong Kong functions as a high‑level brand endorsement by exposing companies to top global institutional investors, thereby enhancing credibility with international customers and partners. Third, the Hong Kong platform encourages adoption of governance and disclosure practices aligned with international norms, laying institutional groundwork for cross‑border mergers and acquisitions and global equity‑incentive programs.

Companies electing the A+H route are advised to adopt a long‑term perspective rather than pursue short‑term valuation gains. Fu Yifu, a special researcher at Suzhou Bank, told Securities Daily that issuers should carefully assess regulatory differences between the two markets, ensure robust disclosure and compliance, use the Hong Kong platform to attract international investors and optimize capital structures, and align fundraising with global strategic objectives such as technology upgrades and overseas market expansion to sustain competitiveness.