In 2026, there were 186 companies listed on the Hong Kong Stock Exchange, with a decrease in red-chip listings and H shares accounting for over 80% of the total.

Since the launch of the listing filing reform and full circulation by the China Securities Regulatory Commission, after several years, the red-chip listing method is no longer mainstream. Since 2026 (as of noon on March 18th), out of the 186 companies that have submitted listing applications to the Hong Kong Stock Exchange, only about 27 companies are planning to list through red-chip, accounting for 14.5%. H-share listing has become mainstream, with approximately 154 companies, accounting for as high as 82.8%. From the filing situation, since 2026, the approval rate of red-chip structured companies by the China Securities Regulatory Commission has dropped to a "freezing point", with only one company, Qunhe Technology, receiving a filing notice, while in the same period in 2025, 21 red-chip/VIE structured companies were approved for filing.