"A+H's listing in Hong Kong requires a market value threshold of 30 billion RMB? A frontline investigation clears up rumours and confusion."

This Friday, rumors about the tightening of the listing requirements for companies listing in Hong Kong have sparked widespread discussions in the market. These rumors not only cover mainland companies directly listing in Hong Kong, but also involve A-share companies seeking dual listings in Hong Kong, and were once interpreted as a signal of a "cooling down" of the channel for listing in Hong Kong. What is the real situation? In response to the rumor that "some securities firms have received guidance requiring dual-listed companies planning to list in Hong Kong to meet a market capitalization threshold of 30 billion yuan," reporters from Caixin contacted some securities firms, all of whom replied that they had not received such guidance or notifications. At the same time, the reporters learned that the Hong Kong Exchanges and Clearing Limited (HKEX) has not received any notification about "raising the threshold for listing in Hong Kong." A senior investment bank executive told reporters that the 30 billion yuan market capitalization standard is too high for companies listing in Hong Kong, far exceeding the size of most entities intending to list on the Hong Kong stock market. The setting of this threshold must have underlying considerations that can be traced back to, but the current likelihood of implementation is low. Another senior investment bank executive also provided a similar conclusion to the reporters, citing two reasons. Firstly, from a regulatory logic perspective, the possibility of a sudden halt or substantial tightening of the threshold for listing in Hong Kong exists, but the current probability is low. This is because the core advantage of the Hong Kong capital market lies in its high degree of marketization. Essentially, as long as a company's stock can be market-recognized, successfully distributed, and there is no fraudulent information disclosure or other violations, regulators usually do not intentionally set restrictions or implement high thresholds across the board. Secondly, as Hong Kong stock market serves as a core platform for overseas financing for Chinese companies, under the strict regulatory trend focusing on the "quality" of listings in the mainland, raising the market value threshold simultaneously may lead to difficulty in meeting the financing needs of some enterprises, resulting in a developmental predicament. Even from the perspective of policy coherence, the Hong Kong Stock Exchange has been continuously optimizing the listing system by not only opening up exclusive listing channels for special science and technology companies and non-commercialized enterprises, but also setting a minimum market capitalization threshold of 6 billion Hong Kong dollars. These measures aim to relax listing conditions and enhance market attractiveness. If the market value threshold is raised to 30 billion yuan at this time, it would clearly contradict the policy orientation of the past two years, weaken the policy dividends already released, and be an important consideration for regulators when changing policies. However, beyond the fog of rumors, the core logic that market participants should pay more attention to is that, regardless of whether there are any adjustments to the policies related to listing in Hong Kong in the future, the underlying thinking behind the series of actions by the regulators may always be anchored in maintaining the quality bottom line for Chinese companies' listings and reflecting a regulatory approach of "emphasizing quality and enhancing efficiency." So why did this rumor appear? What is the current status of listing in Hong Kong? How will the Hong Kong IPO market develop in 2026? Question 1: Why did this rumor appear? What industry demands or concerns does it reflect? In fact, there are multiple differences between A-shares and H-shares in terms of listing thresholds, regulatory policies, and...