“A+H” Team Continues To Expand Hard Technology Firms Accelerate Global Deployment

The momentum of “A+H” listings has persisted year‑to‑date. Wind data indicate that the number of companies listed on both A‑shares and H‑shares has risen to 182, with hard technology firms in semiconductors, artificial intelligence and new energy forming the core of this expansion.

On March 9, Shenzhen Zhaowei Electromechanical Co., Ltd. officially commenced trading on the Main Board of the Hong Kong Stock Exchange. The company’s global offering comprised 26.7483 million H‑shares, including 2.6749 million shares in the Hong Kong public tranche and 24.0734 million shares in the international tranche. At an issue price of HKD 71.28 per share, net proceeds were approximately HKD 1.828 billion.

Also on March 9, Nanjing Estun Automation Co., Ltd. listed on the Hong Kong Stock Exchange Main Board, completing a global issuance of 96.78 million H‑shares at HKD 15.36 per share and raising about HKD 1.486 billion in total.

Since February, a number of leading hard technology companies have completed their “A+H” arrangements. In the semiconductor sector, Montage Technology Co., Ltd. listed on the Hong Kong Main Board on February 9, thereby becoming an “A+H” dual‑platform company. Montage Technology is credited with inventing the DDR4 “1+9” distributed buffer memory subsystem architecture, advancing DDR5 technology and serving on the board of JEDEC, the global microelectronics standards body, where it has led the development of several international chip standards.

On February 11, Wuxi Lead Intelligent Equipment Co., Ltd. began trading on the Hong Kong Main Board after a global offering of 108 million H‑shares, with 8.7% allocated to the Hong Kong public offering and 91.3% to the international tranche. The final issue price was HKD 45.8 per share, and net proceeds from the global offering were approximately HKD 4.796 billion.

Yuan Shuai, Deputy Secretary‑General of the Zhongguancun Internet of Things Industry Alliance, told Securities Daily that dual “A+H” listings create multidimensional opportunities for hard technology enterprises. From a capital perspective, the dual‑listing model provides a demonstrable pathway for other hard technology firms, helps attract long‑term capital, alleviates funding pressure for research and expansion, and supports a development phase driven by both capital and technology. On the innovation front, greater capital backing for leading firms can stimulate industry R&D, accelerate breakthroughs in core technologies and promote industrial application. Dual listings also offer a replicable template for globalization, enabling companies to leverage international capital markets to expand overseas and enhance the global presence and influence of Chinese brands.

Jiang Han, Senior Researcher at Pangoal Institution (Beijing) Information Consulting Co., Ltd., told Securities Daily that listing in Hong Kong builds an international capital bridge, materially lowering financing costs for cross‑border acquisitions and overseas plant construction, and facilitating a shift from “product export” to “capacity and capital export.”